Qualcomm to Cut 15 Percent of Workforce After Worst Quarterly Sales Drop Since 2009
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Qualcomm Inc., seeking to appease investors after posting its worst sales decline since 2009, said it will cut its workforce by 15 percent and review strategic alternatives, including a breakup, as competition stiffens in the smartphone-chip market.
The company plans to reduce costs by a total of $1.4 billion, including cutting executive pay, and will shake up its board, according to a statement Wednesday. The San Diego-based company also forecast fiscal fourth-quarter sales and profit that may fall short of analysts’ estimates.