Chipmaker Qualcomm cuts jobs despite strong revenue, targets Intel buy

What’s happening at Qualcomm?

Qualcomm has announced another round of layoffs as it continues to restructure in response to ongoing financial pressures in the tech industry. The company will cut jobs across multiple divisions, marking over 1,250 layoffs so far in 2024. The decision comes despite strong revenue growth last year.

Official statements and context

In response to the layoffs, Qualcomm emphasized its focus on optimizing resources and aligning talent with its long-term business goals.

• Kristin Stiles, a company spokesperson, stated: “As part of a normal course of business, we prioritize and align our investments, resources, and talent to ensure we are optimally positioned to take advantage of the unprecedented diversification opportunities in front of us.
• Laptop Market Expansion: Qualcomm’s ARM-based Snapdragon X Elite chips are gaining popularity due to their AI capabilities, competing with Intel. CEO Cristiano Amon has indicated plans to launch more affordable laptop models, expected to start as low as $700.
• Potential Acquisition: Qualcomm is reportedly exploring the acquisition of parts of Intel’s chip business, which could further bolster its position in the semiconductor industry.

Impact in Canada

It remains unclear exactly how many Qualcomm employees in Canada will lose their job as a result of this layoff.

are losing their job as a result of this layoff.

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Lost Your Job? Get Help Now

📞 Contact Samfiru Tumarkin LLP: 1-855-821-5900 or request a consultation online.

Our experienced employment lawyers in Ontario, Alberta, and British Columbia (BC) have helped tens of thousands of non-unionized individuals resolve their workplace issues, including wrongful dismissals.

If you’ve lost your job at Qualcomm for any reason, don’t panic. We can review your situation, assess your legal options, and help you secure the compensation you’re legally entitled to.

Disclaimer: The materials above are provided as general information about the rights of non-unionized employees in Canada. It is not specific to any one company and should not be read as suggesting any improper conduct on the part of any specific employer, or a relationship between Samfiru Tumarkin LLP and a specific employer.