Qualcomm Plans Global Layoffs Starting November

Qualcomm Incorporated (NASDAQ:QCOM) is reportedly preparing to cut jobs globally following its annual employee performance reviews, as the semiconductor company seeks to strengthen its performance culture amid slowing smartphone demand.

According to Reuters, CEO Cristiano Amon informed employees about the move through an internal memo on Monday, with notifications set to begin in November. The company has not disclosed the number of employees expected to be affected.

The company employed nearly 52,000 people globally as of September 2025. Amon said the company would consider business priorities, organizational requirements, and employees’ skills and expertise in determining the reductions.

Accelerating Semiconductor Diversification

The restructuring comes on the heels of the company seeking to diversify its revenue base by accelerating AI data-center and ​other non-handset businesses, including automotive, IoT and AI-related applications.

Qualcomm expects non-handset revenue growth to accelerate from 24% in 2026 to more than 60% in 2027, amid the continued smartphone market weakness. The company increased its fiscal year 2029 non-handset revenue target from $22 billion to $40 billion.

During its latest earnings call in July, Qualcomm highlighted that rising memory prices and supply constraints were weighing on smartphone demand.

Qualcomm expects an acceleration in the step-down of Apple Inc. (NASDAQ:AAPL) product revenues starting in the fourth fiscal quarter.

The company forecasts the data center as its largest growth opportunity with expected revenue of $5 billion in 2027 and $15 billion in 2029.

Qualcomm Technical Analysis

Qualcomm is trading 4% below its 20-day SMA ($181.45) and 4.6% below its 100-day SMA ($182.76), but still 2.9% above its 200-day SMA ($169.39).

The 20-day SMA is still above the 50-day SMA (a bullish alignment).

The relative strength index (RSI) stood at 46.03, indicating neutral momentum.

The golden cross in September (50-day moving above the 200-day) still argues the bigger picture can stay constructive, but the more recent swing low in August is a reminder that downside air pockets have shown up quickly when support gives way.

Key resistance stands at $206, while support is near $156.

Earnings And Analyst Outlook

Qualcomm is scheduled to report its next quarterly results on Nov. 4, 2026.

Analysts expect earnings of $2.16 per share, compared with $3 a year earlier. Revenue is projected at $10.11 billion, down from $11.27 billion.

The stock trades at a price-to-earnings ratio of 19.8.

Qualcomm stock carries a Hold rating with an average price forecast of $202.32. Recent analyst moves include:

• TD Cowen: Buy (Raises Target to $200.00) (Oct. 19)
• Piper Sandler: Initiated with Neutral (Target $190.00) (Sept. 10)
• RBC Capital: Sector Perform (Raises Target to $180.00) (Sept. 9)

Qualcomm Price Action

QCOM Price Action: Qualcomm shares were up 0.53% at $174.44 at the time of publication on Tuesday, according to Benzinga Pro data.

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