American semiconductor manufacturer Qualcomm is planning to lay off 1,500 people, reports have claimed.
According to the reports, which are based on a regulatory notice filed on Wednesday, Qualcomm is planning to cut jobs in multiple offices, across different divisions, but all in California.
A total of 1,231 jobs will be cut in the San Diego office, and the remaining 269 in San Jose and Santa Clara. As of late last year, there were a total of 33,800 employees in Qualcomm.
The layoffs are supposed to help the company save $1 billion, Reuters claimed, a promise Qualcomm had made to its investors as it looks to finalise several deals.
Reuters is saying that Qualcomm first thought about saving the $1 billion without laying people off, but eventually concluded that it simply had to be done. According to Qualcomm spokespeople, the layoffs will make sure the company sees ‘long-term growth and success’.
Back in January, the company announced a couple of “targeted reductions” within its business, with the goal to make sure its Broadcom hostile takeover never comes through.
It also acquired NXP Semiconductors, which changed the course of the negotiations.
The entire endeavour, which dragged on for quite some time, was eventually stopped by the Trump administration as a matter of national security.
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