6

Qualcomm Cuts Jobs in California in Pledge to Reduce Costs

 11 months ago
source link: https://finance.yahoo.com/news/qualcomm-cuts-jobs-california-pledge-183406712.html
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
neoserver,ios ssh client

Qualcomm Cuts Jobs in California in Pledge to Reduce Costs

Ian King
Fri, October 13, 2023 at 4:22 AM GMT+9·2 min read
e40a597ac5cb7fc8a8e9772c876bef8d
9c8697892a0936bb1a6b4a3f1ff20b93

Qualcomm Cuts Jobs in California in Pledge to Reduce Costs

(Bloomberg) -- Qualcomm Inc., the largest maker of chips that run smartphones, is reducing its workforce to cope with lackluster demand for its main product.

Most Read from Bloomberg

The company is eliminating 1,258 positions in San Diego and Santa Clara, California, according to submissions to the California Employment Development Department. A Qualcomm representative declined to comment on the overall size of the reductions to its 50,000 workforce.

More than 750 of the positions being eliminated are from Qualcomm’s engineering ranks, including at levels from director down to technician. The rest of the cuts will come from a broad range of roles such as internal technical staff and accounting.

The job reductions will begin about mid-December, Qualcomm said in the notifications. The San Diego-based company is required to make the filings under California rules. Those obligations on announcements of job cuts don’t apply to the company’s other locations.

Chief Financial Officer Akash Palkhiwala told analysts in August that Qualcomm would “proactively implement additional cost actions.”

“We had previously communicated we would evaluate additional cost actions as the environment continues to evolve,” he said on a conference call. “Until we see sustained signs of improving fundamentals, our operating framework does not assume an immediate recovery.”

The company, which will report earnings next month, is on course to see revenue shrink by about 19% in the current fiscal year. While Chief Executive Officer Cristiano Amon is trying to drive Qualcomm’s products into new areas, the company still gets the bulk of its sales from the phone market. Demand for the devices, particularly in China, hasn’t rebounded as quickly as some had projected.

Recommended Stories
  • 1a018a29aef5adbf5b4319f32058e209.cf.webp
    Zacks

    Qualcomm (QCOM) Stock Falls Amid Market Uptick: What Investors Need to Know

    The latest trading day saw Qualcomm (QCOM) settling at $111.12, representing a -1.06% change from its previous close.

    23h ago
  • b7c90ea99a4cf2d3e6cf0ef15e21a04b.cf.webp
    South China Morning Post

    Chinese storage specialist Longsys, a major client of US chip maker Micron, completes US$132 million takeover of Suzhou plant from Taiwan's Powertech

    Storage systems specialist Shenzhen Longsys Electronics, one of US memory chip maker Micron Technology's largest clients in China, has completed its US$132 million takeover of a mainland plant from Taiwan's Powertech Technology, one of the world's largest semiconductor assembly, packaging and testing companies. Longsys, which makes digital storage products that include memory modules and solid-state drives, said in a filing to the Shenzhen Stock Exchange on Wednesday that it has finalised the ac

    11h ago
  • cc8f0749b1cd21625cb2a8f8b8173185.cf.webp
    Reuters

    Tesla to offer German workers pay rise this year

    Tesla said on Thursday it will offer a pay rise to workers at its German plant, where unions have said they earn below the industry average. The U.S. electric vehicle maker said it will inform staff in November of the level of the pay rise, adding it raised wages by 6% last year. Tesla, unlike other carmakers in Germany, does not have a collective bargaining agreement governing wages.

    2h ago
  • 1b6fa9ab69d83327f7d061b83b9690f3.cf.webp
    TipRanks

    Buy These 2 Beaten-Down Stocks, Goldman Sachs Says, Forecasting up to 130% Upside

    The Federal Reserve might have completed its round of rate hikes, based on recent statements made by the agency’s officials. Those statements conveyed the message that there is presently no urgent necessity to push the Fed funds rate beyond its existing range of 5.25 to 5.50% – the highest level since July 2001. A number of Fed officials pointed to the surge in government bond yields as a sign that the economy is slowing down sufficiently to curb inflation without necessitating further intervent

    1h ago
  • 470da4c5ddbb58da1fb125f36b5a0bd6.cf.webp
    SmartAsset

    Bond Yields Are High and Prices Are Falling: What Does It Mean for Your Portfolio?

    New bonds pay more and old bonds are worth less. This is the plain English version of what's going on in the bond market right now. Translated to finance-speak, bond yields are on the rise while returns are steadily falling. For investors, it's a good time to hold and an even better time to buy […] The post Bond Yields Are High and Prices Are Falling: What Does It Mean for Your Portfolio? appeared first on SmartReads by SmartAsset.

    9h ago
  • 201ca1e531dd235226cd9276673be3ef.cf.webp
    Fortune

    Top economist Mohammed El-Erian warns markets got ‘drunk on support’ from central bank ‘BFFs’, and now he’s more comfortable keeping his fortune in cash

    Mohammed El-Erian, chief economic adviser at Allianz and former Pimco CEO, says the Fed and Bank of England's high rates bodes well for savers.

    10h ago
  • 1b256416fddab090f5910c7aa6781239.cf.webp
    Barrons.com

    These 8 Beaten-Down Stocks Are Long-Term Winners. Consider Buying.

    The S&P 500's 5% decline from its intraday high for the year has hit even those star companies that have hit record levels in 2023. It could be an opportunity.

    3h ago
  • 5557ed6757e96306ab5ef30625b90bfd.cf.webp
    Bloomberg

    CFTC Sues Former CEO of Bankrupt Crypto Lender Voyager

    (Bloomberg) -- The co-founder and former chief executive officer of Voyager Digital Ltd. broke derivatives rules while at the helm of the crypto lender, leading to its bankruptcy and $1.7 billion in customer losses, US regulators alleged Thursday. Most Read from BloombergIsrael Latest: France’s Macron Voices Full Support for IsraelIsrael Latest: Hamas Leaders Targeted as Ground War LoomsApollo CEO Marc Rowan Demands UPenn Leaders Quit Over ‘Antisemitism’Stocks Drop as CPI, Weak Bond Auction Lift

    2h ago
  • ee75a826b3080135fde0f9b4046e916d.cf.webp
    SmartAsset

    Ask an Advisor: I'm 55 With a $3 Million Net Worth and $5k in Monthly Expenses. Can I Retire Now?

    I'm 55 and would like to retire now with a $3 million total net worth. I'm assuming my net worth will grow, on average, 5% until I’m eligible for Social Security. My house is paid off and my lifestyle is simple. I can live with $5,000 per month. Am I making the right decisions? – […] The post Ask an Advisor: I'm 55 With a $3 Million Net Worth and $5k in Monthly Expenses. Can I Retire Now? appeared first on SmartReads by SmartAsset.

    9h ago
  • 9ed2bc7a4fe5c291b8a1cffe48c4588a.cf.webp
    Bloomberg

    Smucker Sells $3.5 Billion Bond to Fund Hostess Deal

    (Bloomberg) -- The J.M. Smucker Co. tapped the US investment-grade bond market on Wednesday to help finance its acquisition of Hostess Brands Inc.Most Read from BloombergIsrael Latest: Hamas Leaders Targeted as Ground War LoomsApollo CEO Marc Rowan Demands UPenn Leaders Quit Over ‘Antisemitism’Goldman Sues Malaysia as 1MDB Settlement Dispute EscalatesIMF Caught Off Guard as China Strikes Sri Lanka Debt DealHouse Republicans Pick Scalise as Speaker Nominee in Trump SnubThe American food manufactu

    1d ago
  • 2bf144c34985b7ccf3d8874aabfb44b1.cf.webp
    Barrons.com

    Hormel Is S&P 500’s Worst- Performing Stock After Issuing Financial Targets

    Hormel Foods stock was the worst performer in the after the food manufacturer presented three-year financial targets and reached a new labor agreement. Hormel Foods (ticker: HRL) was down 9.1% to $32.92 on Thursday, putting it on pace for its largest percent decrease since Oct. 20, 2008, when it dropped 11%, according to Dow Jones Market Data. Separately, the United Food and Commercial Workers International Union said Thursday that members at Hormel Foods locations in Minnesota, Georgia, Wisconsin, and Iowa voted “to ratify a contract that includes the largest wage increase in the company’s history,” which includes hourly wage increases of $3 to $6 an hour, and other benefits.

    5h ago
  • f9c30764f90da4aff94f81dd3d6d25fd.cf.webp
    Reuters

    Wells Fargo rolls out financial planning tool to almost 70 million customers

    Wells Fargo will expand access to a financial planning tool to its nearly 70 million customers after initially offering it to wealth clients earlier this year, the bank said on Thursday. The Life Sync tool allows mobile users to set and track financial goals, check their credit scores and connect with financial advisers. "We already have around 100,000 goals" set on the tool, which account for $24 billion in financial plans, said Michael Liersch, head of advice and planning at Wells Fargo.

    10h ago
  • 3cca4970-684b-11ee-b7fe-3f2fc3598efc.cf.webp
    Yahoo Finance

    Surge in obesity drugs like Ozempic has pummeled big food stocks. Is it time to eat them up?

    Time to check in on the other side of the food trade after a violent sell-off.

    1d ago

About Joyk


Aggregate valuable and interesting links.
Joyk means Joy of geeK