Qualcomm (QCOM) Stock Falls on Major Layoffs

Qualcomm (QCOM) stock was down on Friday following news of layoffs at the semiconductor company.

qualcomm-qcomQualcomm layoffs will include 1,314 jobs from its headquarters in San Diego, Calif. The layoffs were announced on Thursday and employees will work their final day for the company on Nov. 20. The company currently employs about 15,000 people in San Diego, reports The San Diego Union-Tribune.

The recent Qualcomm layoffs are part of the company’s plans to restructure. This includes cutting 15% of its 31,300 employees across the world. Employees that are losing their jobs are being given severance packages and other resources to help them find new work, The San Diego Union-Tribune notes.

“We underwent a thorough assessment to determine which roles and skill-sets will be needed to best support the future business,” Qualcomm told Fox 5 San Diego. “These decisions were driven by the near- and long-term strategic objectives for the business under our Strategic Realignment Plan.”

QCOM shares were down slightly as of Friday afternoon.

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