Qualcomm Plans Global Job Cuts in Performance-Focused Layoffs Starting in November

Qualcomm will cut jobs worldwide in what CEO Cristiano Amon described as a "performance-focused reduction" following annual employee reviews, according to a Monday internal memo reviewed by Reuters, with notifications scheduled to begin in November. The memo did not specify how many roles would be eliminated, though Qualcomm employed about 52,000 people globally—mostly full-time—as of September 2025. Qualcomm shares have risen just 1.5% in 2026, lagging gains of more than 12% for the S&P 500 and nearly 60% for the Philadelphia Semiconductor Index as soaring memory prices weigh on consumer electronics demand. In late July, Qualcomm projected quarterly profit below estimates and warned that revenue from Apple products would drop faster than expected, while stating that growth in AI data-center and non-handset segments would more than offset that lost revenue by fiscal 2027, when non-smartphone businesses are expected to make up the majority of its chip sales. "As we have expanded the business, so have the competencies and skills we require," — Cristiano Amon, CEO of Qualcomm.