Qualcomm Incorporated announced a performance-focused reduction of its global workforce. Notifications to affected employees are set to begin in November, but the company has not specified how many jobs will be cut.
In an internal memo, CEO Cristiano Amon said the reductions are intended to strengthen the company’s performance culture and address areas where it has consistently fallen short of expectations.
Qualcomm shares fell approximately 0.8% to 1% in premarket trading after the announcement. The chipmaker is also contending with a slump in consumer electronics sales that has weakened demand in key markets.