Qualcomm joins tech layoff trend: Cuts 1,258 jobs in California amid industry challenges

In 2023, global tech giants faced a challenging time, with companies like X , Amazon, Google, Microsoft, and Meta collectively laying off over 50,000 employees. This unfortunate trend has unsurprisingly resulted in these companies'), Qualcomm, known as the largest maker of chips for smartphones, is cutting 1,258 positions across its San Diego and Santa Clara offices. This constitutes about 2.5 percent of its global workforce.

The chip manufacturing industry has faced numerous challenges in production and the supply chain over the years, impacting Qualcomm's business practices. In response, the company is planning restructuring actions to refocus on various aspects of the chip manufacturing industry. These actions are expected to be substantially completed in the first half of fiscal 2024.

As Qualcomm approaches its upcoming earnings report, it anticipates a revenue shrinkage of about 19% in the current fiscal year. Well-known tipster Ming-Chi Kuo adds to the concerns, suggesting thatSnapdragon 8 Gen 3A discussion is a place, where people can voice their opinion, no matter if it is positive, neutral or negative. However, when posting, one must stay true to the topic, and not just share some random thoughts, which are not directly related to the matter.

Technology Technology Latest News, Technology Technology Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Europeans Can Expect Price Cuts On New Cars, Even Electric OnesAs a former European Automotive correspondent for Reuters, I’ve a spent a few years writing about the industry. I will penetrate the corporate hype and bluster and find out how these gigantic enterprises are really doing. I also love to drive their magnificent machines, and their more modest ones. I’ll be telling you if the technology works, too.
Source: ForbesTech - 🏆 318. / 59 Read more »