- Qualcomm is laying off roughly 1,258 workers in California.
- The layoffs will take place at its offices in Santa Clara and San Diego.
- The job cuts represent roughly 2.5% of the company's workforce.
Qualcomm is cutting about 1,258 jobs in two of its California offices, according to recent filings with the California Employment Development Department.
The company had about 51,000 employees as of September 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.
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Neither location will have any facility closures, the filings said.
When CNBC contacted Qualcomm for comment, the company pointed to its last quarterly earnings report, in which it noted 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."
Money Report
Qualcomm's stock was relatively flat on the day.
