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.
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