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Qualcomm To Cut Jobs Amid Weak Chip Demand: Report
Qualcomm has denied plans to close its Shanghai R&D unit, which employs nearly 400 people, but has confirmed that it will reduce its workforce due to declining smartphone demand and the Chinese economy. The company's R&D center is located in Zhangjiang Hi-Tech Park and has an R&D facility in Beijing. The majority of cuts will be made this quarter and the rest over the next six months. Analyst Ming-Chi Kuo of TF International predicts that Qualcomm will reduce shipments to China by 50 million to 60 million chips, with Huawei being the primary cause of the decline. US sanctions restricting the sale of advanced chips in China have forced key customers like Huawei to cut orders. Apple has extended a deal with Qualcomm for three more years, providing 5G communication chips to the iPhone maker. The extension of the agreement signifies that Apple's efforts to produce in-house chips have not yielded results. Qualcomm has also announced it will supply modem chips for smartphone launches in 2024, 2025, and 2026.
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