Qualcomm unveils cuts in jobs, spending

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qualcomm

By www.skynews.com

Qualcomm, the world’s biggest manufacturer of mobile semiconductors, is slashing its work force by 15 per cent as part of a ‘right-sizing’ of its cost structure.

The California company also said it was making other cost-saving moves, following several months of pressure from an activist shareholder.

The job cuts would represent around 15 per cent of its workforce of about 31,000.

The moves are part of a ‘strategic realignment plan designed to improve execution, enhance financial performance and drive profitable growth’.

The plan calls for ‘aggressively right-sizing the cost structure by eliminating approximately $US1.4 billion ($A1.90 billion) in spending, including an approximately $US300 million reduction in annual share-based compensation grants’, according to a statement released on Wednesday.

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