Los Angeles April 21 (IANS) US Chipmaker Qualcomm started to cut jobs at its facilities in California in order to meet the company s promise to investors to cut costs by $1 billion.
The San Diego-based wireless giant had plan to trim 1 231 jobs in San Diego and 269 at its offices in San Jose and Santa Clara in mid-June Xinhua reported.
Workers were told of the layoffs on Wednesday. A company spokesperson was quoted as saying that this move a reduction of full-time and temporary workforce is a part of the cost reduction plan announced in January and the company found it is necessary to support long-term growth and success after evaluated other plans.
According to the San Diego Business Journal Qualcomm filed a Worker Adjustment and Retraining Notification (WARN) notice with the state of California on Thursday stating 1 500 employees in the state will be terminated on or about June 19 2018.
The regulation of the US Department of Labor Employment and Training Administration shows a WARN notice must be given by the employer "if there is to be a mass layoff which does not result from a plant closing but which will result in an employment loss at the employment site during any 30-day period for 500 or more employees".
The company pledged to cut costs earlier this year as part of its effort to fend off a hostile takeover attempt from chip rival Broadcom.
The Donald Trump administration blocked Broadcom s buyout on national security grounds but Qualcomm investors were frustrated by its lagging share price and poor financial performance relative to its semiconductor peers.
--IANS
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