Qualcomm begins layoffs as part of cost cuts - Bloomberg

(Reuters) - Chipmaker Qualcomm Inc has begun cutting jobs as part of its promise to investors to cut costs by $1 billion, Bloomberg reported on Wednesday, citing people familiar with the matter.

The size of the job cuts is large enough that San Diego-based Qualcomm will have to file a WARN notice, or Worker Adjustment and Retraining Notification, with the state of California, the report said.

Qualcomm did not immediately respond to a request for comment.

Qualcomm had in January said it would implement a series of targeted reductions to save $1 billion in annual costs as part of its attempt to win over investors support against a hostile bid from rival Broadcom Inc .

 

The bid, however, was cancelled by the Trump administration on national security grounds.

The chipmaker has been ramping up its operations since then to improve earnings growth.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Arun Koyyur)