https://finance.yahoo.com/news/qualcomm-cuts-jobs-california-pledge-183406712.html
23 replies (most recent on top)
@1jud+1p3x6uMd this story has the filing in it for san diego
https://www.sandiegouniontribune.com/business/story/2023-10-12/qualcomm-cuts-1-064-jobs-in-san-diego
Anyone knows how to find a copy of the filing, so we can see the exact numbers mentioned?
i think they must have hired 10000 during covid. so anything less than 5000 means there more layoffs on the way
Q has lots of VPs. There are probably at least a dozen just in Santa Clara.
Who is the VP in SCL?
https://www.sfgate.com/tech/article/qualcomm-tech-layoffs-santa-clara-18422809.php
@vnu+1p3x6uMd : You hit the nail on the head! It is not a surprise that Wall St thinks of QCOM as a "perpetually most mismanaged company".
Cnbc:
"The semiconductor manufacturer notified the state Wednesday that it would be eliminating roughly 1,064 of its San Diego employees and 194 of its Santa Clara employees. "
This company needs a new CEO. That's it ...
5000 certainly not. The reported number seems to match reports here in impact.
If we include earlier layoffs started in Dec 2022, total will be about 2200 in CA only. That's pretty significant to me.
Huh, someone mentioned 5,000 in San Diego itself
Rudderless, reactive mgmt with no strategic vision. QTL had been minting money and it was not leveraged to get into new segments. Haven't heard any visionary objectives from CA. As soon as one area becomes hot, he drumbeat it in CO. Meeting. Next qtr? Nothing, jump to next one.
Didn't he say for last 2yrs that "we" are not counting on Fruit and happy we are out?
Now? Fruit to rescue. What happens after?
@vnu+1p3x6uMd CRD actually started the Low-power AI effort back in 2007. We were early, and certainly not late. But when SM became the CEO, he downsized the team when the rest of the industry began to realize the value of AI. To top it off, management decided to put the team under someone (JG) who has zero background in AI to run the team. The results are all too predictable. QC is simply reaping the results of its bad decisions. We could very well be the #1 low-power AI chip provider today if not for QC's poor decisions at the management level.
It says starting December. Could this be for the next round in December? It definitely felt like more than 1.2K yesterday
So it's about 10% of total headcount in CA. A farcry from the 25-30% predictions.
There were more trains:
In last 1.5 yrs qtrly all-hands, trains were automotive, metaverse, AI. All hype, ...
Turns out the market was correct in not believing the story and correctly dropped Q valuation.
That's a much smaller number than I expected, but it's still painful. My team lost about 15%.
@ztj+1p3x6uMd phone market is plateauing. Q needs to jump in the next bandwagon. Already late for AI.
Still don't know about overall reductions, just California. "The San Diego-based company is required to make the filings under California rules. Those obligations on announcements of job cuts don’t apply to the company’s other locations."
That’s not a “dud”. Can easily see the same thing happening next year. Same bat time, same bat channel. Stay tuned!
how many employee does Q have in CA?
It is smaller than the doomsday predictions. Hopefully the phone market recovery gives some market relief.
(Bloomberg) -- Qualcomm Inc., the largest maker of chips that run smartphones, is reducing its workforce to cope with lackluster demand for its main product. The company is eliminating 1,258 positions in San Diego and Santa Clara, California, according to submissions to the California Employment Development Department.