Qualcomm Job Cuts Hit Bay Area

BAY AREA, CA – Qualcomm is cutting at least 1,500 jobs in California, including positions in the Bay Area.

The company is laying off 1,231 workers and another 269 workers in the Bay Area. The size of the mass cutback was revealed through mandatory 60-day layoff notices received Thursday at the San Diego Workforce Partnership.

Workers received notices of the layoffs on Wednesday. They become effective June 19.

The layoffs are part of the San Diego-based company's previously announced plan to cut $1 billion in operating costs. Qualcomm, a leading provider of chips for mobile phones, promised to deliver adjusted earnings of $6.75 to $7.50 per share in fiscal 2019, according to a report by Market Watch.

The goal was set during a hostile takeover attempt by chip rival Broadcom. In March, President Donald Trump issued an executive order blocking the $117 billion bid from the Singapore-based company, citing national security concerns.

Prior to the cuts, Qualcomm had about 33,800 employees worldwide. The company has offices in San Jose and Santa Clara.

In a statement, the company said it considered cost cuts to avoid layoffs, but "we concluded that a workforce reduction is needed to support long-term growth and success, which will ultimately benefit all of our stakeholders."

Also see:

• Qualcomm Cutting Jobs In San Diego
• Broadcom Withdraws Qualcomm Takeover Bid

City News Service contributed to this report.

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