Qualcomm Plans 15% Layoffs

Amid cellular slump, 4,700 may lose jobs
Jessica Lipsky, EETimes
7/22/2015 08:45 PM EDT

NEW YORK -- Qualcomm will lay off 15% of it employees, an estimated 4,700 people, as part of a restructuring plan that may include spinning off non-strategic parts of the company. The mobile giant announced the plan to cut $1.4 billion in annual costs by 2016 along with its quarterly results which were down significantly but in line with expectations.

Revenues for Qualcomm's fiscal third quarter were $5.8 billion, down $1 billion year-over-year and $1.1 billion sequentially. Net profit was down a whopping 47% from the prior year to $1.2 billion.

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