How did Q3 2023 affect Qualcomm?

The company's Q3 2023 earnings (Qualcomm's fiscal year is October-September) have handset chip sales down 25 percent year over year, with net income down 52 percent year over year. The company also issued lower-than-expected guidance for the next quarter, all causing the stock to drop around 8 percent in the aftermath of the call.

When will Qualcomm's job cuts start?

The job reductions will begin about mid-December, Qualcomm said in the notifications. The San Diego-based company is required to make the filings under California rules. Those obligations on announcements of job cuts don’t apply to the company’s other locations.

How will Qualcomm's loss affect San Diego's economy?

Four hundred fifteen people in mainly high-paying, six-figure jobs will be gone from Qualcomm by mid-July. That’s out of nearly 13,000 employees at company headquarters here in San Diego. KPBS asked University of San Diego economics professor Alan Gin to characterize how those losses will impact San Diego's overall economy.