Qualcomm to Cut Over 1,200 Jobs in California, Including Nearly 200 in Bay Area
In another blow to the tech industry in the region, semiconductor manufacturer Qualcomm has announced plans to lay off 1,258 employees in California. The cuts will affect nearly 200 workers in the Bay Area, with the majority of layoffs taking place at the company’s Santa Clara and San Diego offices.
According to state filings, Qualcomm will lay off approximately 194 workers in its Santa Clara offices and another 1,094 at its San Diego headquarters. The job cuts are scheduled to begin on December 13, following a notice submitted to state officials this week. This marks the second round of layoffs for Qualcomm this year, following the layoff of over 400 employees in May, including 84 in the Bay Area.
The job cuts represent about 2.5% of Qualcomm’s total workforce, which currently stands at 51,000 employees, according to the company’s most recent annual financial filing report in September 2022. The semiconductor manufacturer cited the uncertain macroeconomic and demand environment as reasons for the layoffs, stating that they are necessary to enable continued investments in key growth and diversification opportunities.
Joining Qualcomm in the wave of tech layoffs, San Francisco-based financial tech company LendingClub Corp. announced its plans to reduce its workforce by 172 individuals, representing around 14% of its employees. The layoffs will begin on November 1 and occur on a rolling basis through December 5. LendingClub Corp. assured its employees that they will receive a severance package, including a minimum of 60 days of base pay and benefits.
Meanwhile, San Francisco supply chain software startup Flexport revealed that it will lay off around 20% of its workforce starting Friday. Flexport CEO Ryan Petersen sent a memo to staff on Thursday informing them of the job cuts. The company presently has about 3,500 employees, according to public data. Specific details regarding the impact on local positions have not yet been disclosed, as Flexport has not filed official papers with the California Employment Development Department.
In light of these recent layoffs, the tech industry in the region faces continued uncertainty. However, company executives express optimism and resilience, vowing to overcome setbacks and deliver on their missions. Both Qualcomm and LendingClub Corp. have expressed regret for the lack of advanced notice concerning the job cuts, citing unforeseeable business circumstances.
As the tech industry continues to navigate a challenging economic landscape, the impact of these layoffs on affected employees and the region at large remains to be seen.
For more information, contact Aidin Waziri at [email protected].