Qualcomm said to cut jobs in California in effort to slash costs
JHVEPhoto

Qualcomm (NASDAQ:QCOM) is cutting jobs in the state of California as it looks to slash costs amid continued struggles in the smartphone industry.
The San Diego, California-based company is cutting jobs in San Diego and Santa Clara, with a total of 1,258 positions being eliminated, Bloomberg reported, citing data from the California Employment Development Department.

A Qualcomm spokesman did not confirm the size of the job cuts, but told Seeking Alpha they are part of the "continued uncertainty" in both the macroeconomic and demand environment, as previously stated on the company's third-quarter earnings call in August.
"The actions we are taking are a part of this previously-disclosed action," the spokesperson told Seeking Alpha.
Qualcomm (QCOM) shares were down fractionally in late trading on Thursday.
Qualcomm (QCOM) is slated to release fourth-quarter results next month. A consensus of analysts expect the Cristiano Amon-led company to earn $1.91 per share on $8.52B in revenue.


More on Qualcomm

Qualcomm: Underperforming For A Reason And I Don't Expect This To Change
Qualcomm Drives Into The Future With Apple Renewal And Auto Deals
Qualcomm Inc.: Long-Term Situation Is Intact, Reiterate Buy
Nvidia, AMD, other semis in focus as KeyBanc checks indicate mixed picture
Qualcomm unveils Wi-Fi 7 platform, set to enter broadband carrier market