Qualcomm CEO Cristiano Amon told employees the company will carry out performance-focused global layoffs after annual employee reviews, with notices starting in November. According to ChainCatcher, citing Phoenix Net and Reuters, Amon outlined the plan in an internal memo sent Monday. He said the cuts aim to build a stronger performance culture and address the company’s continued failure to meet expectations.

The memo did not specify how many employees would be affected, and Reuters said it could not determine the scale. Amon said decisions would reflect business priorities, organizational needs, skills and expertise, noting that the capabilities required change as the business expands. Qualcomm had not responded to Reuters’ request for comment. As of September 2025, the company had about 52,000 employees worldwide, most of them full-time; its fiscal year typically ends in late September.

Qualcomm, one of the world’s largest smartphone chipmakers, has faced weak consumer electronics sales this year, while surging memory-chip prices have dampened demand in key markets. Its shares have gained about 1.5% this year, compared with a rise of more than 12% for the S&P 500 and nearly 60% for the Philadelphia Semiconductor Index. Qualcomm shares were down about 1% in U.S. premarket trading Tuesday. In its latest earnings report in late July, Qualcomm forecast quarterly profit below market expectations and said revenue from Apple products would decline faster than previously expected. The company also said growth in data centers and other non-handset businesses would be sufficient to offset those losses and deliver additional growth by fiscal 2027.