Darya is a crypto enthusiast who strongly believes in the future of blockchain. Being a hospitality professional, she is interested in finding the ways blockchain can change different industries and bring our life to a different level.
Cardano Price Prediction: Tough Times Lay Ahead For ADA Holders Whilst Remittix Could Surge 7,000% MSN
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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.
Bitcoin, Ethereum And Dogecoin Lay Low Into The Weekend: What To Watch Benzinga
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Bitcoin, Ethereum And Dogecoin Lay Low Into The Weekend: What … Benzinga
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In addition to closing the news unit and laying off employees, BuzzFeed has also announced that two of its executives are stepping down. Its chief revenue officer Edgar Hernandez and chief operating officer Christian Baesler are leaving the company.
BuzzFeed Inc (NASDAQ: BZFD), an American entertainment company that focuses on digital media, has announced a decision to close its news division within the cost-cutting strategy. As BuzzFeed founder and CEO Jonah Peretti has explained, the company “can no longer continue to fund BuzzFeed News” and is planning to make substantial redundancies across the company. The decision has affected as much as 15% of BuzzFeed staff, or about 180 employees, who lost their jobs.
Notably, this is the second time BuzzFeed is downsizing its workforce. In December 2022, the company reduced its headcount by 12%. Before the end of the second quarter this year, BuzzFeed is planning to conduct another round of layoffs and complete the staff reduction.
The reason for such drastic measures is the challenging environment and the necessity to accelerate revenue growth and improve profitability and cash flow. Back in 2020, BuzzFeed rocketed due to the digital boom that resulted from the Covid-19 spread. Now, a troubled stock market listing, a tough economy, a declining stock market, a slowdown in digital advertising, and changing audience habits are the key factors that pushed BuzzFeed CEO to make such a decision.
Jonah Peretti stated:
“I made the decision to overinvest in BuzzFeed News because I love their work and mission so much. This made me slow to accept that the big platforms wouldn’t provide the distribution or financial support required to support premium, free journalism purpose-built for social media.”
In addition to closing the news unit and laying off employees, BuzzFeed has also announced that two of its executives are stepping down. Its chief revenue officer Edgar Hernandez and chief operating officer Christian Baesler are leaving the company. BuzzFeed President Marcela Martin will now be in charge of all revenue functions.
Following BuzzFeed’s announcement, its stock dropped by 19.71% to close at $0.75 per share on Thursday.
About BuzzFeed
Founded in 2006, BuzzFeed is a digital media company that provides news and entertainment content. The company’s platform includes a website and mobile app, social media, YouTube, and other digital platforms that allow social distribution of entertainment and trending news content to engage consumers in real-time. In the 2010s, when social networks such as Facebook and Twitter were booming, BuzzFeed managed to raise a fortune from investors. However, the company has failed to continue making money as a result of financial challenges.
Back in 2014, The Walt Disney Company (NYSE: DIS) was considering buying BuzzFeed, but the deal was not completed.
In 2020, BuzzFeed acquired HuffPost from Verizon Media as the two parties decided to leverage each other’s market strengths and create new revenue opportunities.
At the beginning of 2023, BuzzFeed said it would start using OpenAI, the American artificial intelligence (AI) research laboratory behind the popular ChatGPT platform, and leverage artificial intelligence to create content for its audience. Now, BuzzFeed will continue to publish news on HuffPost only.
Darya is a crypto enthusiast who strongly believes in the future of blockchain. Being a hospitality professional, she is interested in finding the ways blockchain can change different industries and bring our life to a different level.