Qualcomm Plans Job Cuts
Qualcomm plans to start global job cuts in November, following annual employee performance reviews. This information comes from a memo by CEO Cristiano Amon. The company did not share how many positions will be cut. Amon said the layoffs aim to create a stronger performance culture and address underperformance among staff.
The memo highlighted the need for the right skills in the workforce as Qualcomm adapts to changing business needs. "As we have expanded the business, so have the competencies and skills we require," Amon wrote. Qualcomm had about 52,000 employees as of September 2025. The company is facing challenges due to weak demand in consumer electronics and rising memory prices.
Qualcomm's stock has shown limited growth. Shares are up just 1.5% in 2026, while the S&P 500 rose 12% and the Philadelphia Semiconductor Index increased nearly 60%. In its July earnings report, Qualcomm projected quarterly profit below market expectations. The company also noted a faster-than-expected decline in revenue from Apple-related products. However, Qualcomm expects growth in data centers and other non-smartphone sectors to offset these losses by fiscal 2027. The company is also moving into the artificial intelligence data center market to diversify its revenue sources.
Related coverage: Jaguar Land Rover to Cut 4,000 Jobs Amid Sales Decline, Volkswagen to Cut 100,000 Jobs by 2030 Amid Overhaul.
These layoffs could indicate ongoing challenges in the semiconductor sector, especially for companies that rely on consumer electronics. Investors may respond to possible further declines in Qualcomm's revenue and market position. Keep an eye on Qualcomm's upcoming earnings report for insight into its financial health and performance outlook.
Based on reporting by: livemint.com, moneycontrol.com