QUALCOMM, Inc. (NASDAQ:QCOM) plans to cut 1,258 workers at two of its California locations, according to a filing with the California Employment Development Department.
The semiconductor company informed the state on Wednesday that it planned to let go of 1,064 employees in San Diego and 164 in Santa Clara. The cuts are expected to take effect on December 13, according to the filing.
Qualcomm employed about 51,000 workers as of September 2022, according to its most recent annual filing.
The company did hint at job cuts when it released its fiscal third-quarter earnings in August.
“Given the continued uncertainty in the macroeconomic and demand environment, we expect to take additional restructuring actions to enable continued investments in key growth and diversification opportunities,” the company said.
“While we are in the process of developing our plans, we currently expect these actions to consist largely of workforce reductions, and in connection with any such actions we would expect to incur significant additional restructuring charges, a substantial portion of which we expect to incur in the fourth quarter of fiscal 2023. We currently anticipate these additional actions to be substantially completed in the first half of fiscal 2024.”
Shares of Qualcomm gained 0.3% Thursday to $111.46.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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