Skip to content
Subscriber Only

Qualcomm to Cut 15 Percent of Workforce After Worst Quarterly Sales Drop Since 2009

Opening Day Of Mobile World Congress 2015
Photographer: Pau Barrena/Bloomberg
Updated on

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.