Qualcomm to Cut Jobs Amidst Cost Restructuring
Qualcomm today said it will pursue aggressive cost restructuring, including the elimination of jobs, as it seeks to balance its financials. Qualcomm indicated it plans to slash $1.4 billion in expenses through a number of different actions, including job cuts of about 4,500, or 15% of its work force. Other cost reductions will include a reduction in the amount grants given each year by $300 million; a review of alternatives to its corporate structure; a return of capital to stockholders; additions to its board of directors; a revamp of its compensation plans; and more discipline in its investments. As part of its restructuring efforts, Qualcomm said it will review the possibility of breaking into multiple different companies, each with its own focus. This follows a call to action from activist investors that wish to see the company divided into parts. "The actions we are taking today are designed to ensure that we are properly structured to seize these opportunities while delivering improved near-term performance," said Steve Mollenkopf, CEO of Qualcomm. "I have great confidence in our employees and our ability to implement this new plan and I look forward to providing our stockholders with quarterly updates on our progress." Qualcomm didn't immediately specify where it will focus job cuts.
Mar 9, 2018
Google today introduced new Custom Device Actions for Google Assistant that will give devices native functionality specific to their hardware. Custom Device Actions build on the Assistant's existing Actions tool for issuing specific commands.
Jun 18, 2019
Facebook today announced Libra, a new digital currency that aims to combine the best features of other cryptocurrencies in order to be more consumer-friendly. The currency will be administered by the Libra Association, a new non-for-profit based in Geneva.
Feb 26, 2018
Google today improved its Actions on the Google Assistant in several ways that should expand its reach and usability. To start, Actions on Google gain support for seven new languages (Hindi, Thai, Indonesian, Danish, Norwegian, Swedish, and Dutch), making for a total of 16.
Jun 19, 2018
T-Mobile and Sprint today officially petitioned the FCC for permission to merge. The companies filed a Public Interest Statement with the agency that makes lofty claims about why the merger a good idea.
Let's Begin By...