Qualcomm, a leading chipmaker, will lay off 226 employees in San Diego during the week of November 12, 2024. The layoffs come as part of the company’s broader strategy to diversify and optimize its investments, resources, and talent.
The affected employees work across 16 facilities in San Diego, including Qualcomm’s corporate headquarters, which also houses the company’s cybersecurity operations. It remains unclear whether the cybersecurity team will be impacted by the layoffs.
According to Techcrunch, this round of layoffs follows a previous round where Qualcomm laid off more than 1,250 employees less than a year ago. Techradar reports that despite the company’s strong financial performance, with $35.8 billion in annual revenue for 2023 and a recent quarterly profit increase of 18%, Qualcomm’s CEO, Cristiano Amon, received $23.5 million in total executive compensation in 2023.
A Qualcomm spokesperson stated, “Our leading technology and product portfolio has positioned us to execute on our diversification strategy. As part of a normal course of business, we prioritize and align our investments, resources, and talent to ensure we are optimally positioned to take advantage of the unprecedented diversification opportunities in front of us.”
Qualcomm’s layoffs reflect a broader trend in the tech industry, where companies are adjusting their workforce to focus on new growth areas and optimize resources. As the company navigates the evolving tech landscape, the impact of these layoffs on Qualcomm’s future operations, competitiveness, and the local economy in San Diego remains to be seen.
