Qualcomm begins layoffs to reduce costs

Major chipmaker Qualcomm on Wednesday reportedly said that it began cutting jobs in an effort to reduce the annual costs by $1 billion. The company in January had announced that it would reduce its workforce to cut $1 billion in annual costs in an attempt to win over investors. A Qualcomm spokesperson reportedly said that they concluded that headcount reductions were needed to support long-term growth and success despite the company’s initial evaluation for other methods to reduce costs.