Qualcomm plans to lay off 15 percent of its workforce

Qualcomm just announced its earnings for the quarter, and the news isn't good: the company is going to lay off 15 percent of its workforce as part of a major initiative to restructure the company and improve financial performance. And improve it must — Qualcomm's revenue of $5.8 billion for the quarter is down 14 percent from a year ago, while net income dropped a whopping 35 percent to $1.6 billion.

Along with these disappointing results and upcoming layoffs, Qualcomm is also cutting...

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