is prepared to layoff some 1,500 employees, mostly in California, according to Bloomberg.
Earlier this year, Qualcomm promised investors it would cut $1 billion in spending as part of its effort to stave off the Broadcom acquisition. With that deal dead, Qualcomm now has to live up to its promise to shareholders.
“We first evaluated non-headcount expense reductions, but we concluded that a workforce reduction is needed to support long-term growth and success, which will ultimately benefit all our stakeholders,” said Qualcomm in a statement.
Qualcomm has not said what divisions might be impacted by the layoffs. The company is headquartered in San Diego.
