00:00It's Benzinga bringing Wall Street to Main Street
00:03Qualcomm plans to cut jobs globally following its annual employee reviews, with notifications
00:07beginning in November, according to Reuters.
00:10CEO Cristiano Amon said the layoffs are part of an effort to strengthen the company's performance
00:15culture.
00:15The number of affected employees remains unclear.
00:18Qualcomm had approximately 52,000 workers worldwide as of September last year.
00:23The chipmaker has faced declining consumer electronics sales as rising memory prices
00:27weigh on demand.
00:28Its shares have gained just 1.5% this year, compared with a nearly 60% increase in the
00:34Philadelphia Semiconductor Index.
00:36Qualcomm is also expanding into AI data centers and expects most of its chip sales to come
00:40from businesses outside smartphones by fiscal 2027.
00:44For all things money, visit Benzinga.com.
