Qualcomm to Lay Off Over 1,200 Employees in California Due to Slowing Demand and Revenue

Chipmaker Qualcomm is cutting around 1,258 jobs in its San Diego and Santa Clara offices, representing 2.5% of its workforce.
The layoffs, taking effect in mid-December, are due to shrinking smartphone demand, especially in China, and an expected 19% revenue decline this fiscal year.
The job cuts will impact engineering, technical, and accounting roles and include high-ranking executives and hundreds of engineers.
Qualcomm previously announced in August that it would take "additional restructuring actions" including workforce reductions to address economic challenges.
This is Qualcomm's second major job cut in 2023, following layoffs of around 150 employees in the UK.