Qualcomm Weighing Potential Breakup and Job Cuts
Qualcomm is preparing to conduct an in-depth review of its corporate strategy that could lead to the company breaking into several separate entities, reports the Wall Street Journal. Activist investors have begun to push Qualcomm towards a possible split, which would see the company's chip-production and patent-licensing businesses pulled apart. Jana Partners, which has a $2 billion stake in Qualcomm, would like to see Qualcomm cut costs, repurchase shares at a faster rate, and shake up its executive board. Qualcomm has come under fire for its chip-licensing practices this year. It settled an investigation in China for nearly $1 billion, and is now facing a similar investigation in Europe. Earlier this year, Qualcomm said it was displeased with its economic outlook and would consider making changes. Qualcomm did not confirm the Journal's report. A second report from The Information suggests Qualcomm is on the brink of slashing thousands of jobs. Qualcomm may cut as many as 4,000 jobs from its global roster of 30,000 employees. Qualcomm did not comment on The Information's report. The company may reveal its plans as soon as Wednesday, when it is expected to disclose its second quarter earnings.
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