New Delhi: Global chip maker Qualcomm has begun layoffs, affecting both full-time and temporary employees, as “workforce reductions are needed to support long-term growth and success”. According to reports, Qualcomm may eliminate 1,500 jobs in California alone.
The reports came as Qualcomm struggled to close its purchase of NXP, as well as meeting its goal of cutting costs by $1 billion, reports Fears Wireless. ,Also Read: AI Creates Images Of PM Narendra Modi, Other Global Leaders As Rockstars To Wow Netizens,
“As part of the cost reduction plan announced in January, Qualcomm is reducing our full-time and temporary workforce. Such a workforce reduction affects not only those employees who are part of the reduction, but So are his families, co-workers and community,” the Chip veteran said in a statement. ,Also read: Uday Kotak calls US dollar ‘biggest financial terrorist’, later clarifies,
The company offered supportive severance packages to mitigate the impact of the transition on affected employees.
The company said, “We first evaluated cutting non-personal expenses, but we concluded that workforce reduction is needed to support long-term growth and success, which will ultimately benefit all of our stakeholders.” “
Earlier this month, Qualcomm said that at the request of the Ministry of Commerce in China, it refilled its application to acquire NXP.
In conjunction with the refilling, NXP and Qualcomm, among other things, agreed to extend the expiration date of their purchase agreement from April 25, 2018 to July 25, 2018.
China is the only country that has not signed off on Qualcomm’s purchase of NXP.
Qualcomm had walked away from a $44 billion deal to buy NXP Semiconductors after failing to secure Chinese regulatory approval.
Meanwhile, South Korea’s Supreme Court this month finalized a ruling in favor of the national antitrust regulator’s record 1 trillion won ($760.8 million) fine imposed in 2016 on US chipmaker Qualcomm for unfair trade practices.
The fine was imposed by the Fair Trade Commission (FTC), which concluded in December 2016 that the San Diego-based company and two of its affiliates stifled South Korea’s competition by refusing to license chipset makers and demanding high fees for patents. violated the law. Used by smartphone manufacturers.