Wednesday, July 22, 2015

Qualcomm plans to lay off 15 percent of its workforce

Qualcomm just announced its earnings for the quarter, and the news isn't good: the company is going to lay off 15 percent of its workforce as part of a major initiative to restructure the company and improve financial performance. And improve it must — Qualcomm's revenue of $5.8 billion for the quarter is down 14 percent from a year ago, while net income dropped a whopping 35 percent to $1.6 billion.

Along with these disappointing results and upcoming layoffs, Qualcomm is also cutting its earnings forecast for the year — after already having done so twice already this year. Specifically, as noted by Recode, Qualcomm is cutting its outlook for the chip side of its business due to lower demand for high-end phones with Qualcomm chips...

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