Thursday, July 23, 2015

Qualcomm Confirms Major Cuts

San Diego-based Qualcomm confirmed it is making major cuts at the company late Wednesday, saying that it has launched a strategic realignment plan to help it improve performance. Qualcomm is cutting its workforce by 15 percent in the move. Qualcomm said it is taking "aggressive actions" as a part of that plan, which it says will eliminate approximately $1.4 billion in spending at the company. Qualcomm said that, as part of the move, it has appointed Mark McLaughlin and Tony Vinciquerra of JANA Partners to its board of directors. JANA is an activist investor which has been pressuring Qualcomm to improve its results. Qualcomm also said on its earning call that it is again considering a split of the company.

---