Qualcomm To Shed Over 1,000 Staff In California
Arthur T Knackerbracket has processed the following story:
Chip designer Qualcomm has revealed it intends to shed over 1,000 California-based employees, delivering on previously foreshadowed plans to address its economic woes.
Qualcomm reported a near-sixty-percent profit plunge in August - largely due to a slowdown in demand for smartphones leading to lower sales of its silicon for such devices.
At the time, CEO Cristiano Amon told investors "We're taking a conservative view of the market, and we'll be proactively taking additional cost actions."
[...] Execs, including vice presidents, will be axed. So will hundreds of engineers: reportedly more than 750 of them. Qualcomm employs about 50,000 globally, up from 45,000 in 2021, the year it bought Nuvia.
Cruelly, the ax will fall starting from December 13.
A friend of The Reg tells us around 150 jobs will go in the UK, too. Yet Qualcomm recently found a rumored 180 million ($220m) to sponsor British soccer team Manchester United for three years, with the Snapdragon CPU brand to be featured on team shirts.
The sponsorship creates an interesting metaphor: Manchester United has underperformed for years, and its recent investments have not led to desired improvements in performance. Which is maybe not quite the story Qualcomm wants to associate with Snapdragon.
[...] Demand for engineers is high elsewhere: Taiwan's TSMC has flagged its intention to hire thousands of engineers.
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