According to CEO Cristiano Amon, Qualcomm will cut jobs worldwide in a “performance-focused reduction” after its annual employee reviews. The CEO did not say how many jobs would be affected.
Amon told staff in a memo that notifications would begin in November, with the cuts being part of an effort to build “a stronger performance culture” and to address situations where the company “has consistently fallen short of expectations.”
“As we have expanded the business, so have the competencies and skills we require,” he wrote. “We must have the right people in the right roles so they can perform at their best and the company can continue to succeed.”
The cuts come as Qualcomm faces a slump in consumer electronics sales, with soaring memory prices dampening demand in key markets. In its latest earnings report, the company lowered its forecast. It also said growth in data-center and other non-handset businesses would more than offset the lost revenue by fiscal 2027.
The company expects most of its chip sales to come from non-smartphone businesses in fiscal 2027.
Qualcomm currently has 52,000 employees globally.
The tech giant’s stock was down about 1% in premarket trading on Tuesday after the release of the memo.
Read our exclusive interview with Cristiano Amon, president and CEO of Qualcomm
By CEO NA Editorial Staff
