Om Malik reports hearing Qualcomm (QCOM -0.1%) has launched a round of layoffs that has resulted in several VP-level execs losing their jobs, and others being demoted. He adds one division lost nearly 100 jobs, and that further cuts are likely.
Qualcomm, which has been aggressively ramping its chip R&D spend in recent years (something that has pressured chip division margins), has already stated it expects to end FY14 (ends Sep. '14) with a lower opex run rate than the one it closed FY13 at.
Qualcomm's newfound focus on cost controls may have something to do with the CFO change it saw earlier this year. Malik's report comes in the wake of Qualcomm's analyst day (transcript), during which the mobile chip/IP giant unveiled a slew of new products and promised to return 75% of future free cash flow to shareholders.