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Layoffs To Come At Qualcomm To Cut Costs

Qualcomm Inc. (Nasdaq: QCOM) plans to cut 1,500 jobs, according to notices filed with the state April 18.

The move is part of the company’s promise to investors to cut costs by $1 billion.

The wireless giant said it will trim 1,231 jobs in San Diego and 269 at its offices in San Jose and Santa Clara in mid-June.

“As part of the cost reduction plan announced in January, Qualcomm is conducting a reduction of our full-time and temporary workforce,” a company spokesperson said. “A workforce reduction, such as this one, affects not only those employees who are part of the reduction, but their families, co-workers and the community. We recognize this and have offered affected employees supportive severance packages to reduce the impact of this transition on them.”

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The spokesperson said the company evaluated other ways to reduce costs first, but ultimately decided layoffs were necessary “to support long-term growth and success.”

Qualcomm was under pressure to improve its earnings to fend off the now-defunct hostile takeover bid by Broadcom Inc. when it announced the cost-reduction plan earlier this year.

In 2015, Qualcomm underwent mass layoffs in a restructuring phase that resulted in thousands of jobs lost.

Qualcomm employs 13,000 people locally and is headquartered in Sorrento Mesa.

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