Tech layoff 2023: Qualcomm continues to cut jobs amid weak demand

Qualcomm Layoffs 2023: Tech layoffs continue to be a reality in 2023. Qualcomm, the world's leading smartphone chip manufacturer, is planning substantial workforce reductions.

According to a Bloomberg report, the company is cutting 1,258 jobs in San Diego and Santa Clara, California, affecting various roles, particularly in engineering. These layoffs are scheduled to begin in mid-December.

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Qualcomm's Chief Financial Officer, Akash Palkhiwala, stated that additional cost-cutting measures would be taken, and they are cautious about an immediate recovery in their business due to a 19% revenue decline this fiscal year.

While Qualcomm is working to diversify its product offerings, it still heavily relies on the smartphone market, which has not rebounded as quickly as expected, especially in China.

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The tech industry in 2023 has witnessed widespread layoffs, impacting both startups and industry giants. Companies like Google, Meta, Amazon, Microsoft, and Salesforce have announced significant job cuts, spanning various sectors from cryptocurrency to enterprise SaaS. The highest number of layoffs was observed in January, with major corporations initiating the downsizing trend.