Chipmaker Qualcomm to cut jobs and costs and consider a business split

Qualcomm, a company worth more than $ 100 billion, is considering the split and give up about 4,500 employees.

Renowned chip maker Qualcomm seems to face a severe pressure from its shareholders in order to take action and reorganize the business amid weaker demands on the market. The semiconductor company is reported to fire 15% of its workforce and is considering splitting itself. The last quarter profit halved as the company had a much lower involvement on the segment of the mobile gadgets market.

Qualcomm Inc is pushed by the new stockholders to take steps and cut costs, one of the suggestions being the split of the business as the company lost a key contract with Samsung and showed a shy presence in Appleā€™s devices. In these conditions, the chipmaker is excluded from the most profitable parts of the mobile handset niche.

The San Diego-based group officials had previously considered a split, but concluded that the revenues would be greater if the two divisions (chip design and patent-licensing) remain together.
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The company is now committed to lay off 4,500 of the 31,300 employees and reduce the overall costs by 1.4 billion dollars per year.

Qualcomm CEO Steve Mollenkopf said that “the future will not sacrificed for the sake of the present”, so that the company will invest annually four billion dollars for research and development, including 5G and mobile technology for cars.

Furthermore the decline of sales in China resulted in Qualcomm’s poor financial results in the past three months. The net quarterly profit was 1.18 billion US dollars compared to 2.24 billion over the same period in 2014. The revenue fell from $6.81 billion to $5.83 billion.

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