More layoffs to come at Qualcomm
Qualcomm just had its earnings call, and the stock is already down 7% after hours. Everything is down - revenue, net income, guidance. Now there's going to be layoffs Qualcomm warned of likely restructuring charges for job cuts. “While we are in the process of developing our plans, we currently expect these actions to consist largely of workforce reductions, and in connection with any such actions we would expect to incur significant additional restructuring charge,” the company said in a securities filing. https://timesofsandiego.com/business/2023/08/02/qualcomm-says-job-cuts-likely-after-forecasting-lower-4th-quarter-sales/ #qualcomm #tech #layoff #layoffs #rif
Times of San DiegoThese companies keep shooting themselves in the foot with these premature layoff notices. Now their entire workforce will plan as if they’re going to be laid off, and no one will get any work done even if they survive the layoffs. I’ve seen it all before!
They want to move the stock up
Yep. I am already planning to spend most of each workday preparing. What else can I do? Layoffs are political and not objective plus I am from a high cost area.
Hope Apple, NVDA and the likes will absorb them all
7% everyone
It's going to be bad...
How bad do you think? In comparison to last year when you had a round?
Wouldn't be surprised if it's > 10%, maybe even 15. Last year they quoted a specific percentage of OpEx reduction but they refused to quote anything in this earnings call. Forecast is bleak and there doesn't seem to be a plan other than to wait out weak smartphone demand and hope on-device AI and Automotive business pick up. Apple will likely not be a revenue source anymore starting next year which doesn't help either.
Feeling for you guys. Hope our Blind Qcom brothers come out of this OK
I’m about to gtfo. Literally heading to interviews rn
First layoffs. Then they hire and train new employees few months later by paying higher wages. I just don’t understand.
You need to cool it Uber. No H1B in the semiconductor industry is underpaid. At least not in recent times.
@brokeclown, everything revolves around money. Current layoffs is because of lower sales, and our ceo wants to show Wall Street they are restructuring to improve profits. Unfortunately our current ceo is also short sighted and does not have long term plans to improve the stock price which is concerning
I feel like i am a dumb to reject incoming offer from startup and stay at this company recently
You can definitely re-engage with them. Shoot them a message.
I feel we tech workers should unite and have a labor union just like airline pilots
The headcount increase was 10%, 10%, 13% between 2020 to 2023. I’d say easily 15% layoff to bring the headcount down
This is honestly so sad 😞