Chipmaker Qualcomm to cut costs and jobs as competition rises
July 23 , 2015
US chipmaker Qualcomm plans to cut jobs and costs amid a fresh profit warning. The firm says it aims to cut spending by $1.4 billion, which would partially be achieved by a 15% slashing of its workforce.
The US-based company is facing pressure from key shareholders after increasing competition from Asia. About 4,500 full-time jobs will be culled as part of the cost-cutting efforts. Qualcomm is also considering restructuring itself, reports said.