Qualcomm Shares Slip as Company Plans Global Job Cuts

Qualcomm shares dropped 0.8% in premarket trading Tuesday after CEO Cristiano Amon announced job cuts tied to performance. The company has not said how many jobs it plans to cut, leaving employees and investors unsure of the scale. Amon told staff the process would follow annual reviews, with affected workers set to hear from the company in November. ^1,2

November notifications will follow reviews that Amon said would help build “a stronger performance culture.” In a memo reviewed by Reuters, the Qualcomm CEO said the company would address cases where employees had “consistently fallen short of expectations.” He also said leaders would weigh business needs, workers’ skills and the roles the company needs as it grows. Qualcomm had about 52,000 employees worldwide as of September 2025. ^2,7

Those 52,000 employees work for one of the world’s biggest smartphone chipmakers, but the company faces a weaker market for consumer electronics. Higher memory prices have weighed on demand in key markets. Qualcomm said in July that revenue from Apple products would fall faster than expected and forecast quarterly profit below estimates. The cuts come as the company tries to move beyond phones: it expects most chip sales to come from other businesses by fiscal 2027, including data centers. That shift may change the skills and teams it needs. ^2,7

Fiscal 2027 is also the target for growth in data centers and other businesses to make up for lost Apple revenue. For now, Qualcomm has offered no headcount target, and Reuters said it could not immediately determine the scale. The next clear step comes in November, when the company plans to start telling affected employees. Qualcomm did not immediately respond to Reuters’ request for comment. ^2,7