QUALCOMM TO CUT JOBS GLOBALLY IN PERFORMANCE - FOCUSED LAYOFFS , INTERNAL MEMO SHOWS

What happened: Qualcomm CEO Cristiano Amon told staff in an internal 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 specify 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 this year by a slump in consumer electronics sales, and in late July it forecast quarterly profit below estimates. Coverage: 3 outlets in 24h

Qualcomm CEO Cristiano Amon told staff in an internal 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 this year by a slump in consumer electronics sales, and in late July it forecast quarterly profit below estimates.