Qualcomm’s Shanghai research and Watch Midhunterdevelopment center may undergo layoffs, with compensation for employees ranging from N+4 months’ salary (N being the employee’s years of seniority) to a maximum of N+7 months’ salary, according to a Sept. 20 report by Tencent News. Qualcomm primarily focuses on the development and sales of smartphone chips. However, the company experienced a reduction in revenue this year due to the decrease in global smartphone shipments and strong competition from its rivals such as MediaTek, the report said. In the third quarter of 2023, the company saw a 23% year-on-year decrease in revenue with $8.451 billion and a 52% year-on-year decrease in net profit with $1.803 billion. During the release of its Q3 financial report in August, Qualcomm CEO Cristiano Amon said in a conference call with analysts that Qualcomm would continue to reduce costs, and layoffs were one of the measures. [Tencent News, in Chinese]
