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Qualcomm may spin off chip business
Chipmaker delivers its third profit warning this year, says it will slash jobs and spending
Add BT as a preferred sourcePublished Thu, Jul 23, 2015 · 09:50 PM
New York
CHIPMAKER Qualcomm Inc said it may break itself up as it delivered its third profit warning this year and announced plans to slash jobs and spending in the face of rising competition.
The company said that it would reduce costs by about US$1.4 billion, cut about 4,500 full-time staff, or 15 per cent of its workforce, and boost capital returns to shareholders. Qualcomm's shares fell 1.8 per cent to US$63.05 in after-market trading on Wednesday. The stock has lost a fifth of its value in a year.
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