As China accounts for the lion's share of Qualcomm's (QCOM) revenues, any disruption in local operation is bound to have a ripple effect across the company.
The US chip giant Qualcomm (NASDAQ:QCOM) is reportedly planning job cuts at its Shanghai office, amid escalating technology tensions between the US and China, as well as ongoing economic challenges. The company confirmed the layoffs but has not disclosed the exact number of job reductions. This move follows Qualcomm's previously announced expectations of "workforce reductions" in the fourth quarter of fiscal 2023 as part of its restructuring efforts to invest in key growth opportunities.
In response to economic uncertainties and deteriorating U.S.-China technology relations, Qualcomm (NASDAQ:QCOM) has initiated a workforce reduction at its Shanghai and Taiwan offices. The U.S-based chip giant confirmed on Friday that the restructuring plan, which includes significant workforce reductions, is expected to be completed by March 2024.