Qualcomm begins layoffs for cost cuts

NEW YORK: Qualcomm Inc has begun cutting jobs as part of its promise to investors to cut annual costs by $1 billion, the chipmaker said.“Qualcomm is conducting a reduction of our full-time and temporary workforce,” a company spokesperson who declined to be identifies said, without disclosing the exact numbers of job cuts. Though the company first evaluated non-headcount expense reductions, it concluded that a workforce reduction is needed to support long-term growth and success. Qualcomm said it offered affected employees severance packages. It employed about 33,800 full-time, part-time and temporary employees, as of September 24. — Reuters