Qualcomm has declared intentions to let off 226 employees from its San Diego locations beginning 12 November. This decision, as reported in a California WARN notice, affects workers at 16 locations, including the company's headquarters.
The layoffs come after Qualcomm reduced its workforce by more than 1,250 people last year. Despite these adjustments, the corporation claimed a strong financial performance in 2023, with yearly revenue of USD 35.8 billion. CEO Cristiano Amon received a total remuneration of USD 23.5 million during the same period, sparking concerns about the necessity for additional layoffs despite solid financial results.
Qualcomm has not said which divisions will be affected by the latest wave of layoffs. The company's representative, Kristin Stiles, said, "As part of a normal course of business, we prioritise and align our investments, resources and talent to ensure we are optimally positioned to take advantage of the unprecedented diversification opportunities in front of us."
The decision comes as the tech industry faces persistent problems, such as market volatility and growing competition. Qualcomm is rapidly expanding its product portfolio beyond smartphone chips, looking for growth potential in industries such as automotive and Internet of Things (IoT) technology.
The layoffs are expected to affect a variety of facilities and specialisations, including Qualcomm's headquarters' cybersecurity operations. As the company navigates these changes, its future strategy will undoubtedly play an important part in stabilising its personnel and meeting market needs.
