Qualcomm is withdrawing and refiling its acquisition notice for NXP Semiconductors at the request of Chinese regulators. The move could be retaliation for President Donald Trump’s March executive order blocking a $117 billion hostile takeover bid for Qualcomm by Broadcom, which cited national security concerns as the reason for withholding approval.
Qualcomm’s layoffs will affect both full and part-time employees, according to company officials.
“We first evaluated non-headcount expense reductions, but we concluded that a workforce reduction is needed to support long-term growth and success, which will ultimately benefit all our stakeholders,” a Qualcomm spokesperson said of the layoffs in a statement, according to Fortune.
More articles on business:
Microsoft, Facebook among 30+ tech giants to sign Cybersecurity Tech Accord
T-Mobile fined $40M for faking ring tones to cover up failed calls
Starbucks will close 8k stores for an afternoon for racial bias training
