QUALCOMM TO CUT JOBS WORLDWIDE IN PERFORMANCE - FOCUSED LAYOFFS

What happened: Qualcomm CEO Cristiano Amon told staff in a memo that the company will cut jobs worldwide in a "performance-focused reduction" after annual employee reviews, with notifications set to begin in November. Key numbers: About 52,000 employees globally as of September last year. Why it matters: Amon framed the cuts as building "a stronger performance culture" and addressing areas where the company "has consistently fallen short of expectations." Qualcomm has been hit by a consumer electronics slump and expects Apple revenue to decline faster than expected.

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

Amon framed the cuts as building "a stronger performance culture" and addressing areas where the company "has consistently fallen short of expectations." Qualcomm has been hit by a consumer electronics slump and expects Apple revenue to decline faster than expected.