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Chipmaker Qualcomm to cut costs and jobs as competition rises

  • 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. 

    Tagged as: US chipmaker, Qualcomm, jobs, costs, profit warning, spending cuts, Qualcomm restructuring, business news