Qualcomm Launches Global Job Cuts After Annual Reviews, Memo Shows

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CEO Cristiano Amon told staff in a Monday memo that Qualcomm will cut jobs worldwide in a 'performance-focused reduction' following annual employee reviews, with notifications starting in November, to address continued failure to meet expectations. Amon said decisions would reflect business priorities, organizational needs, skills and expertise, noting the capabilities required change as the business expands, and Qualcomm had not responded to Reuters' request for comment. The memo gives no headcount, and Reuters could not determine the scale — so the cost savings and restructuring charge are both unknown. The backdrop is weak: Q3 revenue fell 4% to $9.95B on a 20% drop in handset chips, Q4 EPS guidance of $2.05-$2.25 came in below estimates, and management said Apple revenue would decline faster than expected. The stock is up just 1.5% in 2026 versus roughly 60% for the Philadelphia Semiconductor Index, so this reads as margin defense while Qualcomm pivots toward AI data-center silicon, including the Amazon custom-chip deal and warrant for up to 25 million shares at $161.26. Watch the November notification wave and any 8-K or 10-Q disclosure that quantifies severance and the expected savings.

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