Qualcomm will lay off 1,500 workers to cut expenses

Today, chip maker Qualcomm began the process of laying off around 1,500 workers in California. The move is a part of the companys promise to its investors that it would cut costs by about $1 billion, according to Bloomberg.
This action comes after a hostile takeover bid from rival Broadcom. Qualcomm pledged that it would cut costs in order to improve earnings, but shareholders were more interested in Broadcoms offer. However, President Trump intervened in the potential merger…..
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