New Delhi: The largest smartphone and laptop chip-making company, Qualcomm, is in the news for firing over 1258 of its employees in California due to less demand for its product.
The California Employment Development Department (EDD) reports that the Company employs more than 50,000 people, which makes it one of the most robust management workforce companies.
The largest manufacturer of semiconductors for smartphones in the world, Qualcomm, has revealed that it would be drastically firing its staff. This news follows earlier rumours that Meta was also letting go.
According to a Bloomberg report, almost 750 of the laid-off workers are from Qualcomm’s engineering division, ranging in position from technician to director; the remaining layoffs will come from a wide range of positions, including accounting and internal technical workers.
The corporation stated in the notices that the layoffs would start around the middle of December.
According to Bloomberg sources, Qualcomm’s Chief Financial Officer Akash Palkhiwala informed analysts in August that the Company will “proactively implement additional cost actions.”
On a conference call, he stated, “We had previously communicated we would evaluate additional cost actions as the environment continues to evolve.” “We do not assume an immediate recovery in our operating framework until we see sustained signs of improving fundamentals.”
The business, which is scheduled to release its financial report next month, is expected to witness a 19% decline in revenue during the current fiscal year.
Even though Qualcomm’s CEO, Cristiano Amon, is working to expand the Company’s product line, the phone industry still accounts for the majority of Qualcomm’s sales. The gadgets’ demand hasn’t increased as swiftly as some had anticipated, especially in China.
About a month ago, Qualcomm and Apple established a partnership to supply 5G semiconductors through at least 2026, and then the news of layoffs came out.
The activities of QUALCOMM, Inc. include product and service development, design, and delivery for digital telecommunications. Qualcomm CDMA Technologies (QCT), Qualcomm Technology Licencing (QTL), and Qualcomm Strategic Initiatives (QSI) are its three operating segments. Based on technologies for voice and data communications, networking, application processing, multimedia, and global positioning system products, the QCT division develops and provides integrated circuits and system software.