began dismissing employees and pursued the promise to increase profits by cutting $ 1 billion, the company said.
Ways to cut costs, it said Wednesday, and offers severance packages for the affected employees.
A Qualcomm spokeswoman declined to say how many jobs would be cut or where, but said that it eliminated enough positions in California to trigger a dismissal mandated by the state to lay off more than 50 workers within 30 days
According to an application for approval until September 201
The $ 1 billion cost reduction program is part of a January earnings improvement plan designed to convince investors that the company alone is more valuable than it
which was pursuing a hostile takeover bid at the time. president
missed Broadcom's overture with an order from March that blocked a deal for national security reasons
chief financial officer of Qualcomm
told investors in January that the savings would be a bitter dispute with the elimination of non-strategic programs, lower selling and overhead costs, restructuring of the patent licensing business, and early investment in next-generation 5G cell technology Apple Inc. on patent fees and either the purchase of the Dutch automotive manufacturer NXP Semiconductors NV or the repurchase of shares.
Qualcomm's target is adjusted earnings of $ 6.75 to $ 7.50 per share in fiscal year 2019, compared to $ 4.28 in fiscal 2017.
Write to Ted Greenwald at Ted.Greenwald@wsj.com