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Ina Fried Apr 19
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Qualcomm confirms it is in the midst of layoffs

Qualcomm chip
Photo: Qualcomm

Chipmaker Qualcomm confirmed to Axios it is in the process of job cuts, but declined to say how many employees were being laid off. "As part of the cost reduction plan announced in January, Qualcomm is conducting a reduction of our full-time and temporary workforce," the company said in a statement.

Why it matters: The company announced plans to cut costs in January as it grappled with a number of factors including a hostile takeover bid from Broadcom, a legal dispute with Apple as well as antitrust issues around the globe.