Qualcomm begins layoffs as part of cost cuts - Bloomberg
Chipmaker Qualcomm Inc
The size of the job cuts is large enough that San Diego-based Qualcomm will have to file a WARN notice, or Worker Adjustment and Retraining Notification, with the state of California, the report said.
Qualcomm did not immediately respond to a request for comment.
Qualcomm had in January said it would implement a series of targeted reductions to save $1 billion in annual costs as part of its attempt to win over investors support against a hostile bid from rival Broadcom Inc
The bid, however, was cancelled by the Trump administration on national security grounds.
The chipmaker has been ramping up its operations since then to improve earnings growth.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.