Qualcomm begins layoffs as part of cost cuts - Bloomberg

Chipmaker Qualcomm Inc has begun cutting jobs as part of its promise to investors to cut costs by $1 billion, Bloomberg reported on Wednesday, citing people familiar with the matter.

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.

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