Qualcomm to cut roughly 1,258 jobs in California
Cristiano Amon, president and CEO of Qualcomm, speaks during the Milken Institute Global Conference in Beverly Hills, California, May 2, 2022.
Patrick T. Fallon | AFP | Getty Images
Qualcomm is cutting about 1,258 jobs in offices in two of its California locations, according to recent filings with the California Employment Development Department.
The company had about 51,000 employees as of Sept. 2022, according to its last annual financial filing, so this would represent about 2.5% of that workforce.
The semiconductor manufacturer notified the state Wednesday that it would be eliminating roughly 1,064 of its San Diego employees and 194 of its Santa Clara employees. The job cuts will take effect around Dec. 13 in both places, the filing said.
Neither location will have any facility closures, the filings said.
When CNBC contacted Qualcomm for comment, the company pointed back to its last quarterly earnings report, in which it noticed that it was expecting workplace reductions and related restructuring charges.
“Given the continued uncertainty in the macroeconomic and demand environment, we expect to take additional restructuring actions to enable continued investments in key growth and diversification opportunities. While we are in the process of developing our plans, we currently expect these actions to consist largely of workforce reductions, and in connection with any such actions we would expect to incur significant additional restructuring charges, a substantial portion of which we expect to incur in the fourth quarter of fiscal 2023. We currently anticipate these additional actions to be substantially completed in the first half of fiscal 2024.”
Qualcomm’s stock was relatively flat on the day.
