Qualcomm trims about 4,500 jobs and $1.4 billion from books

Jul22

by Sindy Cator on July 22, 2015 at 9:21 pm

In an attempt to cut roughly $1.4 billion in costs, San Diego-based Qualcomm is trimming 15 percent of its total workforce, or around 4,500 jobs. The announcement came as the company announced its quarterly earnings, which beat analysts’ expectations. Qualcomm reported earnings of 99 cents per share on the back of $5.83 billion in revenue. Per-share earnings beat forecasts (95 cents per share), but overall earnings fell just shy of expectations ($5.55 billion). Discussing the change, Qualcomm CEO Steve Molenkampf said the job cuts were all about creating better profitability. We are making fundamental changes to position Qualcomm for improved execution,…