Qualcomm says it will cut jobs, update its board and review its business structure options as part of an effort to improve its performance.
The San Diego-based wireless technology company has been under intense pressure recently from Jana Partners, a major shareholder, to make changes.
Qualcomm said Wednesday that it plans to cut its spending by $1.4 million. This includes an unspecified reduction in its workforce and shrinking the number of offices. The company is also adding two Jana Partner picks to its board of directors. A third director, selected by the company and approved by Jana, will be added soon.
Qualcomm Inc.’s announcement comes as it reports a massive drop in third-quarter revenue and profit.