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Qualcomm Q3 profit down 47%, will cut 15 percent of workforce

Staff writer ▼ | July 23, 2015
Qualcomm Incorporated announced results for the third quarter of fiscal 2015 ended June 28, 2015. Qualcomm announced a 47 percent drop in quarterly profit compared to the same period in 2014.
Qualcomm Incorporated   $1.2 billion in net income
Qualcomm said that it made $1.2 billion in net income during the third fiscal quarter of 2015, down from $2.2 billion a year ago.

As a way to bounce back, the company also announced that it would be cutting 15 percent of its workforce, and would "significantly reduce temporary workforce."

The company has had a rough year as it had to pay nearly $1 billion to settle an antitrust lawsuit in China, a renewed antitrust investigation in Europe, and faces increased competition from Chinese rivals.

"Our fiscal third quarter revenues, MSM chip shipments and EPS were within prior expectations, and we took a significant step towards our increased capital return commitments through the initiation of a $5 billion accelerated share repurchase as part of our plan to repurchase an additional $10 billion in stock by March 2016," Steve Mollenkopf, CEO of Qualcomm, said.