Qualcomm cuts jobs in China due to declining demand for chips – Kommersant
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American microprocessor maker Qualcomm is planning to cut jobs at its Shanghai office. Writes about this South China Morning Post with reference to local Shanghai newspapers. They do not say exactly how many employees are planned to be cut.
The company declined to comment on this information. Earlier, posts appeared on Chinese social networks that Qualcomm was laying off dozens of employees from its research center in Shanghai. The company has offices in more than ten Chinese cities.
In August, Qualcomm already statedthat it was planning to cut jobs amid macroeconomic uncertainty and unstable demand for chips, but did not provide details.
In the second quarter, the company’s revenue fell by 23%, net profit by 52%. This is primarily due to decreased demand for consumer electronics that use Qualcomm chips. In the case of China, the reduction may also be related to tensions between the US and China over the latter’s access to modern technologies, including in the field of advanced chips.
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