Qualcomm To Layoff 15% Of Its Workforce

Chipmaker Qualcomm has announced that it will cut its workforce by 15% which will contribute to a total of $1.4 billion in cost reductions.

The company also said that it is reviewing structural alternatives to splitting the company. Recent reports have suggested that the company would spin off its less profitable chip business.

Qualcomm reported a revenue of $5.83 billion for the third-quarter, slightly off the $5.85 billion analysts had expected. Share prices fell by 2.5% after the company made the announcement.

Reduced demand and lower sell-through in China has forced Qualcomm to lower its outlook for its semiconductor business during the fourth quarter.

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