Qualcomm cuts phone-related jobs in November to bet on AI and data centers

Qualcomm will begin global job cuts in November following its annual employee reviews, CEO Cristiano Amon said in an internal memo. The company did not disclose the number of layoffs; it had roughly 52,000 employees at the end of its last fiscal year. With smartphone demand cooling, Qualcomm is shifting toward automotive, IoT and AI data center hardware, targeting $40 billion in non-handset revenue by 2029.

• Cuts start in November; the number of layoffs is undisclosed
• Qualcomm had about 52,000 employees at the end of its fiscal year
• Non-handset revenue target is $40 billion by 2029
• Qualcomm stock is up just 1.5% this year