QUALCOMM LAYOFFS TO HIT EMPLOYEES WORLDWIDE ; CEO CRISTIANO AMON SAYS IN MEMO : JOB CUTS ARE TO ADDRESS SITUATIONS WHERE THE COMPANY …

What happened: Qualcomm is planning global layoffs as a "performance-focused reduction" after annual employee reviews, with CEO Cristiano Amon telling staff notifications begin in November. Key numbers: About 52,000 employees globally as of September last year. The memo did not disclose how many will be affected. Why it matters: Amon said the cuts aim to build a stronger performance culture and address areas where the company has consistently fallen short of expectations. Qualcomm has been hit by a consumer electronics slump as rising memory prices weighed on demand.

Qualcomm is planning global layoffs as a "performance-focused reduction" after annual employee reviews, with CEO Cristiano Amon telling staff notifications begin in November.

Amon said the cuts aim to build a stronger performance culture and address areas where the company has consistently fallen short of expectations. Qualcomm has been hit by a consumer electronics slump as rising memory prices weighed on demand.