US chip-major Qualcomm (NASDAQ:QCOM) has refuted claims of shutting down its research and development (R&D) facility in Shanghai, China, despite admitting to plans for downsizing due to economic uncertainties and wavering demand. The company clarified its position on Monday, emphasizing that there are no plans for large-scale job cuts at the Shanghai facility, which employs nearly 393 employees.
Qualcomm (NASDAQ:QCOM), the American semiconductor giant, is set to reduce its workforce at its research and development (R&D) facility in Shanghai, China, as it navigates a challenging period marked by ongoing technology tensions between the US and China, as well as a slump in smartphone sales. The planned downsizing measures are expected to be implemented primarily in the fiscal fourth quarter, according to Chinese news service Yicai Global on Monday.
In a series of recent developments, Qualcomm (NASDAQ:QCOM) is preparing to announce the Snapdragon 8 Gen 3 chipset at the upcoming Snapdragon Summit in Hawaii. The semiconductor giant plans to reveal two versions of the processor, according to leaked email conversations between Qualcomm and its partners, including Samsung (KS:005930). The documents were made public by South Korean blog gamma0burst on Monday.