American chipmaker Qualcomm Inc (NASDAQ:QCOM) announced that it will begin laying off 1,500 full-time and part-time employees, according to a Bloomberg report.
The San Diego-based company is cutting jobs to fulfill a promise to investors that it would meet its goal of a US$1bln cost-reduction plan.
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The chipmaker’s annual sales have been in decline since 2015, according to Bloomberg.
A total of 1,231 employees will be let go from the company’s San Diego headquarters as well as an additional 269 employees at the Santa Clara and San Jose locations.
The company has initiated layoffs of this size previously, eliminating over 1,000 positions in California back in 2015.
Shares of Qualcomm were down slight in Friday morning trading.