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Qualcomm starts sacking employees as a cost cutting measure
Qualcomm Inc has begun cutting about 1,500 jobs in California as part of a broader workforce reduction. Here are the full details.
United States chipset maker Qualcomm has begun laying off its employees as a part of its promise to reduce the cost by $1 billion according to Bloomberg report.
"Qualcomm is conducting a reduction of our full-time and temporary workforce," a company spokesperson who declined to be identifies told Bloomberg, without disclosing the exact numbers of job cuts.
Qualcomm the company behind the making of the Snapdragon chips for the mobiles announced that it will be laying off some unknown number of employees. The company didn't disclose the numbers, but the number is large enough to file a Worker Adjustment and Retraining Notification (WARN) with the state of California. Which means more than 50 employees will be compromised in this layoff.
At the beginning of this year, Qualcomm has announced that it will start doing cost cutting. And it did so in an attempt to win over Qualcomm's stockholders. The offer which was offered by Broadcom was a package of $60 cash and $10 in Broadcom stock for each Qualcomm share.
Later the bid was raised in February to $82 a share ($60 cash, $22 in Broadcom shares) before Broadcom dropped it by 4% to $79 a share. After Qualcomm raised its bid for auto-chip maker NXP Technologies from $110 a share to $127.50.
However, the bid was cancelled by the Trump administration on national security grounds. The chipmaker company has been ramping up its operations since then to improve earnings growth of the company.
The $44 billion NXP acquisition is incomplete at the very moment. All countries except one (Chine), have given regulatory approval to the transaction. Chinese regulators will not give their blessing to the deal so quickly, because of the US-China trade war.
Qualcomm is trying to expand its product line with the acquisition, lessening its dependence on the sales of the chip to the smartphone makers. However, the company have the deadline of April 25 to get the Chinese authorities to approve the purchase of NXP.
Let's see how Qualcomm will deal with this tough situation and made the acquisition successful so that it will expand in other products also.
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