(Bloomberg) -- Qualcomm Inc. will cut 1,500 jobs in California, the majority at the chipmaker's San Diego headquarters, according to documents filed with the state.
Some 1,231 positions will be eliminated in San Diego with terminations starting about June 19, the company said in a WARN, or Worker Adjustment and Retraining Notification, notice. Companies are required to make such a state filing when they reduce their workforce by 50 or more employees within a 30-day period. At the same time, about 269 workers will lose their jobs at the company's Santa Clara and San Jose locations.
The largest maker of smartphone chips pledged in January that it would slash $1 billion in expenses to improve earnings, part of its efforts to fight off a hostile takeover bid from rival Broadcom Inc. Qualcomm's management team now must live up to its vow and work to solve other problems that have hampered revenue and profit growth. Annual sales have fallen every year since 2015 and are projected to decline 3 percent in fiscal 2018.
To contact the reporters on this story: Ian King in San Francisco at ianking@bloomberg.net, Mark Gurman in San Francisco at mgurman1@bloomberg.net.
To contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Andrew Pollack, Alistair Barr
©2018 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
