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Out of the 1,258 job cuts, more than 750 positions are from different levels of Qualcomm’s engineering ranks. The rest of the reductions cover a broad range of roles such as internal technical staff and accounting.
American largest chipmaker Qualcomm Inc (NASDAQ: QCOM) will lay off about 1258 employees in its California unit. According to a filing with the California Employment Development Department, as many as 1,064 of its San Diego employees and 194 of its Santa Clara employees will be subject to the reduction that will take effect from December 13.
When reached for a comment on the news, Qualcomm cited “uncertainty in the macroeconomic and demand environment” as a reason behind the need to restructure its headcount.
Qualcomm stated:
“While we are in the process of developing our plans, we currently expect these actions to consist largely of workforce reductions, and in connection with any such actions we would expect to incur significant additional restructuring charges, a substantial portion of which we expect to incur in the fourth quarter of fiscal 2023. We currently anticipate these additional actions to be substantially completed in the first half of fiscal 2024.”
Out of the 1,258 job cuts, more than 750 positions are from different levels of Qualcomm’s engineering ranks. The rest of the reductions cover a broad range of roles such as internal technical staff and accounting.
Back in August, the company was warning about the potential layoffs.
Chief Financial Officer Akash Palkhiwala said at that time:
“Given our commitment to operating discipline, we will proactively implement additional cost actions. Until we see sustained signs of improving fundamentals, our operating framework does not assume an immediate recovery.”
Qualcomm is likely to see its revenue for the fourth quarter of 2023 and the full year to be down. In Q3 2023, Qualcomm reported a 23% revenue drop to $8.44 billion. For the fourth quarter, the revenue for Qualcomm is expected to be in the range of $8.1 billion to $8.9 billion. Besides, for the 2023 fiscal year, the company is expecting a 19% contraction in its revenue.
2023: Year of Layoffs
Massive layoffs have continued into 2023. As of today, the total of layoffs for 2023 based on full months to date is 240,193. The biggest cut rounds took place at the beginning of 2023. Last month, 4,632 employees were laid off. Tech giants like Amazon.com Inc (NASDAQ: AMZN), Microsoft Corporation (NASDAQ: MSFT), Meta Platforms Inc (NASDAQ: META), and Alphabet Inc (NASDAQ: GOOGL) drove the layoffs.
Among the latest big layoffs we reported about was the one announced by Meta Platforms Inc (NASDAQ: META). The company is reportedly planning to lay off employees in Reality Labs – its business and research unit that produces virtual reality (VR) and augmented reality (AR) hardware and software.
Recently, a web-based survey and reports tools provider Qualtrics announced its decision to lay off about 780 people across the company, with “several hundred roles” changing or moving locations over the next year.
Online travel and fintech company Hopper has also cut 30% of its full-time staff, or around 250 employees, in a bid to reduce its expenses.
The merger with Banc of California is adding to the general health of PacWest stock and will help the company avoid crashing.
PacWest Bancorp (NASDAQ: PACW) stock plunged on Tuesday, July 25, in a flash crash that saw the bank lose 27%. However, PacWest has recovered its loss after news of a merger spread.
Yesterday, PACW fell 27.04% and closed at $7.69, according to data from MarketWatch. As of this writing, PACW is up 37.84% in premarket trading and is selling at $10.60. Nonetheless, PacWest stock has been on a losing streak, falling 22.71% over the last 5 days and 5.76% in the last month. Furthermore, PACW has lost more than 30% in the last 3 months, 66.4% year to date (YTD), and over 71% in the past year.
PacWest Stock Recovers on Merger Announcement
PacWest published a press release announcing a merger with Banc of California (NYSE: BANC). The merger will create a bank with $36 billion in combined assets and raise $400 million in equity following a due diligence process. The press release states that the bank and holding company will operate under Banc of California’s name and brand. Also, holders of PacWest stock will receive 0.6569 of a share of Banc of California’s common stock for each PacWest common stock share. The deal is backed by Centerbridge and Warburg Pincus, two private equity firms.
According to the announcement, Banc of California’s president and CEO Jared Wolff will retain his position at the new company. The company will also have John Eggemeyer, the current PacWest board independent lead director, as the board’s chairman. The board will comprise 12 directors: eight from Banc of California’s board, three from PacWest’s, and one from Warburg Pincus. Wolff said of the deal:
“Both institutions follow a client-first, relationship-based approach to serving our clients and communities while emphasizing prudent risk management. We believe that uniting the talent and expertise from both organizations, along with our cultural similarities and deep familiarity with each other’s business, will accelerate the execution and delivery of strong and growing franchise value for all stakeholders.”
PacWest Keeps Falling
In May, PacWest reported a 9.5% plunge in deposits for the week ending May 4 and saw its stock crash by 23%. The crash followed media reports that the bank was mulling peculiar steps to support its operations as the banking crash in the US continued at the time. Some of the options included openly discussing the company’s financial health hoping to boost consumer confidence, or cutting expenses by renegotiating contracts or laying off staff. At the time, PacWest also considered a merger or an acquisition to scale.
Earlier that month, PacWest stock fell 50% on May 4 after the company announced it would sell some assets as it tries to maximize liquidity. Nonetheless, PacWest president and CEO Paul Taylor said the company was able to record adjusted earnings of $89.4 million for the quarter. PacWest stock had crashed more than 86% YTD at the time, as economists feared a worse banking crisis than 2008 was looming. At the time, Signature Bank and Silicon Valley Bank had collapsed.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
The verdict has helped bolster the recovery of both Uber and Lyft stocks in the pre-market today.
The Californian Court of Appeals has overturned a lower court’s decision that sought to classify drivers working for ridesharing firms like Uber Technologies Inc (NYSE: UBER) and Lyft Inc (NASDAQ: LYFT) as independent contractors. As reported by CNBC, the objection to Proposition 22 which was voted for by California residents was raised by a group of drivers who sued the firm.
Proposition 22 was approved by California voters back in November 2022. Per the provisions of the proposition, it allowed Uber and Lyft to treat drivers as contractors and not employees. This implies that there was a limit to the obligation of the firm in terms of remuneration to the drivers, a development that is designed to help cut the costs of operations significantly.
Proposition 22 was tagged as unconstitutional by a lower court in 2021 and the current verdict from the Court of Appeals has given the associated firms the required legal backing to define their own terms of engagement and remuneration for hundreds of thousands of drivers.
Despite the Provisions of Proposition 22, Uber is still obligated to grant the drivers some form of incentives including medical insurance, which in this case, will be dependent on time spent driving. One of the arguments that were a point for consideration was the fact that it infringes on the powers of the legislature to establish standards in the workplace.
“Proposition 22 does not intrude on the Legislature’s workers’ compensation authority or violate the single-subject rule,” the opinion highlighting the verdict from the Appeals court reads.
The verdict has helped bolster the recovery of both Uber and Lyft stocks in the pre-market today. While Uber stock is up 5.94% to $32.65, Lyft has jumped as high as 4.96% to $8.88.
Welcome Verdict for Uber and Lyft
With the global economy currently being strained as well as the push for funds diversification, the strain on companies on Wall Street has continued to grow over the past few years. The duo, as well as their counterparts in other business areas, would have had to start coughing out unrealistic budgets to support the obligations that will be attached to the claims if drivers were classified as regular staff and not contractors.
The firms are at peace with the verdict and according to an Uber spokesman, the verdict reflects the wishes of some of its drivers as well.
“Today’s ruling is a victory for app-based workers and the millions of Californians who voted for Prop 22. Across the state, drivers and couriers have said they are happy with Prop 22, which affords them new benefits while preserving the unique flexibility of app-based work,” Uber chief legal officer Tony West said in a statement.
No mention of whether the case will still be dragged until further redress is unveiled if at all, the current verdict puts an end to the lawsuit.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Cardano (ADA) founder Charles Hoskinson has called Ethereum (ETH) the “Hotel California of Crypto” in response to a tweet that claimed that ETH staking withdrawals might be delayed beyond the Shanghai upgrade.
The Hotel California song is about a prison where no one escapes from.
Ethereum is becoming the Hotel California of Crypto https://t.co/oRUw4kxvfS
— Charles Hoskinson (@IOHK_Charles) September 16, 2022
A screenshot from the Ethereum developers Discord group showed Micah Zoltu, founder of Serv.eth Support saying that all documentation and publications have clarified that there’s no expected time for withdrawals of staked ETH.
And for the record, Ethereum withdrawals are *not* scheduled for Shanghai; there is no ETA. Key developer is not happy that exchanges and others keep stating otherwise. Source: their discord. pic.twitter.com/PoWnb0fqeZ
— St₳kΣ with Pride
Ardana & Hosky ISPO (@StakeWithPride) September 15, 2022
The screenshot reads:
“Sure, I’m not suggesting that we never implement withdraws. I don’t think there is significant urgency. I think there are other things that are far more critical to the long-term health of Ethereum than stakers being able to withdraw in 2023 rather than 2024.”
The comment appears to be a reaction to Kraken’s email, which told its customers they would be unable to access their staked ETH until after the Shanghai upgrade.
The Shanghai upgrade is expected to happen between six to 12 months after the Merge.
CryptoSlate contacted Micah Zoltu for a clarification of his message but did not immediately get a response.
Many within the community expect access to their staked Ethereum by 2023 after the Shanghai upgrade, but the latest information from the Ethereum developers discord group suggests otherwise.
The Ethereum foundation had also stated that the “Shanghai upgrade will enable staking withdrawals.”
Hoskinson questions Ethereum staking mechanism
Charles Hoskinson further questioned Ethereum’s staking mechanism, wondering if there was not another way of ” implementing proof of stake that doesn’t require locking assets like this.”
Unlike Ethereum PoS, Cardano PoS does not require users to lock their assets since they stake directly from their wallet and can withdraw whenever they want.
However, Micah clarified his position on why withdrawals are not a priority. According to him, stakers are wealthy and can afford all the expensive hardware needed for staking.
Stakers on Cardano are everyday people who don’t need to be wealthy. I guess that’s the philosophical difference https://t.co/ScJ6hZKlMi
— Charles Hoskinson (@IOHK_Charles) September 15, 2022
Hoskinson agreed with this saying that Cardano stakers are everyday people.
On Friday (September 16), Charles Hoskinson, who is Co-Founder and CEO of Input Output Global (“IOG”), the blockchain technology company behind Cardano’s R&D, expressed his disappointment with Ethereum’s staking model.
It all started on Thursday (September 15), when one Cardano fan pointed out that Kraken has recently told its users that $ETH unstaking will not be available until Ethereum has its Shanghai protocol upgrade, which is expected sometime next year.
Hoskinson then sent out a tweet that mocked Ethereum’s proof-of-stake (PoS) model by subtly noting that Cardano’s PoS design and implementation does not suffer from this problem:
IOG explained Cardano’s “liquid staking” feature in a blog post published on 28 July 2022:
“One term you may have come across is ‘liquid staking’. This refers to a problem with some other blockchains whereby the stake associated with a cryptocurrency is ‘locked’ by the staking process so cannot be used for other purposes, such as voting. This is not a problem with Cardano; the stake is always liquid. Also, there is no ‘lock in’ period before a stake becomes active or that might delay a coin being spent or used in any other way.“
Before Ethereum’s Merge upgrade took place on the mainnet on September 15, Ethereum Foundation noted on its website that after the Merge, any staked $ETH would stay locked, and withdrawals would only be possible once Ethereum has its Shanghai upgrade:
“Staked ETH, staking rewards to date, and newly issued ETH immediately after The Merge will still be locked on the Beacon Chain without the ability to withdraw.
“Withdrawals are planned for the Shanghai upgrade, the next major upgrade following The Merge. This means that newly issued ETH, though accumulating on the Beacon Chain, will remain locked and illiquid for at least 6-12 months following The Merge.“
Kraken offers this information about unstaking on the Merge FAQ section of its website:
“Staked ETH cannot be unstaked or transferred on the Ethereum network until after the Shanghai upgrade. This means that clients should only stake ETH that they plan to hold long-term. This limitation is not specific to Kraken – it is a limitation on the Ethereum network itself.“
Then, on Friday (September 16), after $ADA stake pool operator pointed out that no date has been announced for Ethereum’s Shanghai upgrade, the IOG CEO compared the situation that $ETH stakers find themselves in to being stuck in “Hotel California”.
As you may know, “Hotel California” is “the title track from the Eagles’ album of the same name and was released as a single in February 1977.” This is the last part of the song:
“Last thing I remember, I was
Running for the door
I had to find the passage back
To the place I was before
‘Relax, ‘ said the night man
‘We are programmed to receive
You can check out any time you like
But you can never leave’“
Alex Dovbnya
Software tycoon claims that Dogecoin is one of “scams” promoted by centibillionaire Elon Musk
California tech executive Dan O’Dowd took aim at Dogecoin in a recent tweet, naming it an Elon Musk-promoted “scam” alongside solar roofs, robotaxis, the Cybertruck, the Optimus humanoid robot and other inventions teased by Tesla.
O’Dowd attracted media attention after a Senate campaign that seemingly centered on a single issue: banning Tesla’s self-driving vehicles.
The Green Hills Software CEO self-funded a series of campaign ads that targeted the largest e-car maker.
O’Dowd expectedly lost his primary to Senator Alex Padilla, winning only 1.1% of the vote. However, his campaign to hold Musk accountable did not stop there.
The Dawn Project, the tech mogul’s safe-technology advocacy group, recently published a safety test that shows a Tesla car hitting a child-sized mannequin several times. O’Dowd claims that Tesla’s technology poses a threat to “all Americans.”
Tesla proponents hit back at the recent crash test, claiming that the FSD technology was never engaged during the accident. Musk lambasted the media for reporting on the “scam video.” O’Dowd defended the damning test, claiming that the raw video he published clearly shows that the FSD was engaged in multiple tests.
In mid-June, Elon Musk was slapped with a $258 billion lawsuit for promoting Dogecoin as an alleged Ponzi scheme. The world’s richest person continues to support the meme coin in spite of the price correction.
As reported by U.Today, Dogecoin co-founder Jackson Palmer, who called crypto the “facilitator of scams,” does not believe that the meme coin is a fraudulent project per se.
Donating cryptocurrencies to state and local political candidates is now allowed in California. The Fair Political Practices Commission has approved new rules allowing candidates to accept crypto donations, including Bitcoin. However, candidates need to convert them immediately to US dollars.
The move comes at a time when California aims to become a “crypto capital” in the U.S. In May, California Governor Gavin Newsom signed an executive order to foster innovation through crypto and blockchain technology.
California Political Action Committees Can Accept Crypto and Bitcoin Donations
California’s Fair Political Practices Commission approved new rules allowing political candidates to accept donations in crypto such as Bitcoin, reported Los Angeles Times on July 22. The new rules will be effective after 60 days.
However, crypto donations must be converted to US dollars immediately with the help of a registered cryptocurrency processor that records the name, address, occupation, and employer of each contributor.
Interestingly, California was one of the nine states that prohibited crypto donations to political candidates. With the passing of new rules, California becomes the 13th state, along with Washington D.C., to allow crypto and bitcoin donations to political campaigns.
Whereas, candidates running for federal offices can already accept crypto donations. Several crypto-focused political action committees are looking to invest big for electing a crypto-friendly U.S. president in the next Presidential Elections in 2024.
The U.S. looks to strengthen crypto regulations as crypto adoption is increasing in the country. It will allow companies to operate under the proposed bipartisan crypto bill.
BTC Price Looks to Reach $28K
Bitcoin has a splendid rally this week. The BTC price looks to surpass the 200 WMA waiting for a breakout above $23.8k.
According to crypto analysts such as Michaël van de Poppe and Rekt Capital, the Bitcoin (BTC) price can hit $28k if it breaks above $23.8k. Currently, BTC price is trading over the $23.5k level, up 4% in the last 24 hours.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.