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Qualcomm Cutting 1,500 Jobs At Its California Offices (reuters.com)
As part of its promise to investors to cut annual costs by $1 billion, Qualcomm is cutting 1,500 jobs across multiple divisions at its offices in California. Reuters reports: The company, which has about 33,800 employees as of Sept.24, informed about its job cut plans in California in a regulatory notice that was filed with the state on April 18. Qualcomm said it plans to cut 1,231 jobs in its San Diego office and 269 from its San Jose and Santa Clara offices in the state. Though the company first considered cost reductions without layoffs, it concluded that job cuts are needed to support long-term growth and success, a Qualcomm spokesperson said on Wednesday.
Of course it says as *part* of trying to save that much money.
It's probably more along the lines of 200 million a year (total expense including benefits, payroll tax, etc) and a little on the low end because I wager that they are not going to include too many of their top people.
XML is like violence. If it doesn't solve the problem, use more.
that close all their stores as a "cost savings"
Of course, there is no income with no brick and mortar stores in a brick and mortar chain;;;
How? Qualcomm's area of expertise is wireless technology, while Intuit is more into Finance. How does someone who's been working on 5G technology suddenly transition to a job where he'd have to develop financial software? (Much less biotech)
I wonder if this is in any way related to the recent ZTE decision. Qualcomm provides a lot of parts for ZTE, and with ZTE no longer able to buy parts from Qualcomm, they may be forced to go through some aggressive cost-cutting.
Given how close they are, it may simply be coincidence as well. Large companies don't do mass layoffs at the drop of a hat, after all.
Never underestimate the stupidity inherent in all human beings.
Less traffic at the 5/8 split! Woohoo!
My guess is those wireless network engineers aren't the ones being cut. Qualcomm hires hordes of tech people just to keep their business "organized". They could easily be cutting 1,200 business analysts, sys admins, middle tech management, etc.
My guess is the people who know what they're doing at Qualcomm are largely in divisions not seeing major cuts. Qualcomm continues to be at the cutting edge in mobile and wireless, and is helping lead development on 5g.
Business analysts etc. who know nothing about finance. While we all like to think that if we can do X we can switch to Y as quick as changing our shirts domain knowledge is an actual thing.
Confucius say, "Find worm in apple - bad. Find half a worm - worse."
Qualcomm announces huge layoffs. Trump tweets bad things about company. Qualcomm asks for special deals / tax cuts / get out of Jail free card in exchange of not scrapping 1500 jobs. Trump agrees. Qualcomm says "You saved everyone! All praise be to the Donald". Trump claims "mission accomplished. I'm so fabulous" and goes back to vague threats against Mueller. Qualcomm quietly lays off 1300 Americans instead of 1500 and creates 1300 jobs in Mexico.
The Russians have won. They have made the world a cesspool of distrust, greed, fear and hate.
i knew i should have sold qc stock.