QUALCOMM JOB CUTS : QUALCOMM ANNOUNCES GLOBAL JOB CUTS AS PART OF PERFORMANCE - FOCUSED LAYOFFS , ETTELECOM

What happened: Qualcomm CEO Cristiano Amon told staff in a memo that the company will cut jobs globally in a "performance-focused reduction" after annual employee reviews, with notifications set to begin in November. Key numbers: Memo did not state how many jobs are affected. Why it matters: Amon said the cuts aim to build "a stronger performance culture" and address situations where the company "has consistently fallen short of expectations." Qualcomm has been hit by a consumer electronics slump, and in late July it forecast quarterly profit below estimates.

Qualcomm CEO Cristiano Amon told staff in a memo that the company will cut jobs globally in a "performance-focused reduction" after annual employee reviews, with notifications set to begin in November.

Amon said the cuts aim to build "a stronger performance culture" and address situations where the company "has consistently fallen short of expectations." Qualcomm has been hit by a consumer electronics slump, and in late July it forecast quarterly profit below estimates.