Qualcomm To Lay Off Nearly 700
SAN DIEGO (AP) _ Slow sales of its digital phone technologies overseas has caused telecommunications company Qualcomm Inc. to lay off nearly 700 people.
The layoffs represent about 6 percent of Qualcomm’s total work force of more than 11,000, which ballooned from 1,000 employees in 1993.
The company will provide severance packages and career counseling to 350 full-time employees at the company’s headquarters in San Diego, 110 full-time employees at the company’s international offices and 220 temporary employees. Another 250 employees will be reassigned to other divisions.
Qualcomm spokesman Jeff Felk would not disclose details of severance packages, but he said the company estimates it will take a $20 million charge in the second quarter as a result of the cutbacks.
In January, the company reported first-quarter revenues of $941 million, the highest in its 13-year history and a 20 percent increase over the first quarter of fiscal 1998.