Qualcomm: Shanghai company is expected to lay off employees, but "large-scale" "evacuation from Shanghai" is not true

News from this site on September 21. Recently, it was reported that the American chip giant Qualcomm had carried out large-scale layoffs in its Shanghai R&D department. In response to this, Qualcomm responded to China Business News today that Qualcomm had said at the third quarter earnings conference call and in the 10Q report submitted in August that in view of the continued uncertainty of the macroeconomic and demand environment, the company expects to further Adopt adjustments to enable continued investment in important growth opportunities and diversification of the business. Although the corresponding plan is still being formulated, it is expected that the main measures will include layoffs. However, the market rumors of "massive layoffs", "office closures", and "evacuation of Shanghai" are exaggerated.

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Qualcomm also said it expects actions related to layoffs and other measures to incur significant additional adjustment expenses. , and a large portion of this is expected to occur in the fourth quarter of fiscal 2023. Qualcomm currently expects that the corresponding adjustment measures will be basically completed in the first half of fiscal year 2024. The adjustment measures taken in China are also part of the corresponding plan for previous external communication.

Qualcomm is the world's leading supplier of mobile phone communication chips, but in the past two years, global mobile phone sales have stalled. This site noticed that in early August, Qualcomm released its financial report for the third fiscal quarter of fiscal year 2023 as of June 25, 2023. The report shows that Qualcomm’s revenue in the third fiscal quarter was US$84.51 billion, a year-on-year decrease of 23%. Net profit was US$18.03 billion, a year-on-year decrease of 52%. Among them, the revenue of the QCT department, which is mainly responsible for the chips used in smartphones, cars and other smart devices, fell by about 24% year-on-year; the revenue of the QTL department, which is responsible for Qualcomm technology licensing, fell by about 19% year-on-year.

Qualcomm Shanghai is a company The company was established on August 16, 2010 and is registered in the China (Shanghai) Pilot Free Trade Zone. The company's main business scope includes the testing and maintenance of regional network chips, wired and wireless communication terminal chips and their software, and also provides related technical consulting and technical services. The company is also engaged in the import and export of communication equipment, testing instruments, area network chips, wired and wireless communication terminal chips, and computer software and hardware. According to the industrial and commercial registration information, Qualcomm Shanghai currently has 393 insured persons

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