Cristiano Amon, president and CEO of Qualcomm, speaks during the Milken Institute Global Conference in Beverly Hills, California, on May 2, 2022.
Patrick T. Fallon | AFP | Getty Images
Qualcomm is reducing its workforce in California, cutting approximately 1,258 jobs across its two offices, as stated in recent filings with the California Employment Development Department.
According to Qualcomm’s most recent annual financial filing, the company had approximately 51,000 employees as of September 2022. The job cuts would account for roughly 2.5% of the total workforce.
The semiconductor manufacturer disclosed plans to eliminate around 1,064 positions in San Diego and 194 positions in Santa Clara. The layoffs will be effective on or around December 13th in both locations, according to the filings.
No facilities will be closed at either site, as clarified in the filings.
When approached by CNBC for comment, Qualcomm referred to its latest quarterly earnings report, where it highlighted its expectations for workforce reductions and associated restructuring charges.
“Due to the continued uncertainty in the macroeconomic and demand environment, we anticipate implementing additional restructuring measures to support continued investments in significant growth and diversification opportunities. Although our plans are still in development, we anticipate these measures will predominantly involve workforce reductions. As a result, we anticipate incurring substantial additional restructuring charges, a significant portion of which we expect to recognize in the fourth quarter of fiscal 2023. We currently project completing these additional actions by the first half of fiscal 2024,” stated Qualcomm in the report.
Qualcomm’s stock remained relatively stable throughout the day.
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