Tech layoffs still continue! Qualcomm Inc., the largest smartphone chip maker, has announced its plan to reduce its workforce by eliminating 1,258 positions in San Diego and Santa Clara, California to cope with lackluster demand for its main product.

According to the California Employment Development Department, the company is believed to have a strong workforce with 50,000 employees. The data revealed that more than 750 of the employees being laid off are from Qualcomm's engineering ranks, including at levels from director down to technician. The rest of the cuts will come from a broad range of roles such as internal technical staff and accounting, reported. In the notifications, the company informed that the job reductions will begin around mid-December. 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. Chief Financial Officer Akash Palkhiwala told analysts in August that would “proactively implement additional cost actions", as per reports. “We had previously communicated we would evaluate additional cost actions as the environment continues to evolve," he said on a conference call. “Until we see sustained signs of improving fundamentals, our operating framework does not assume an immediate recovery." The company, which will report earnings next month, is on course to see revenue shrink by about 19% in the current fiscal year. While Chief Executive Officer Cristiano Amon is trying to drive into new areas, the company still gets the bulk of its sales from the phone market. Demand for the devices, particularly in China, hasn’t rebounded as quickly as some had projected. Qualcomm shares were little changed at $111.10 at 3:05 p.m. in New York. The stock had gained 1% this year through Wednesday’s close, lagging behind a rally of almost 40% by the Philadelphia Stock Exchange Semiconductor Index. "Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights!"