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Paul Jacobs, chief executive of telecom superstar Qualcomm, told Bloomberg News today (Nov. 12) that the company has stopped hiring following a "dramatic drop" in chip orders from mobile phone makers. The company has also eliminated some research projects. Last year, Qualcomm increased its workforce by 20 percent in response to promising prospects and positive feedback from customers. The stock fell 7.1 percent today to $32.57 at the close of trading. The overall market was down sharply, and techs were hit hard. The stock has declined 17 percent this year.
Paul Jacobs, chief executive of telecom superstar Qualcomm, told Bloomberg News today (Nov. 12) that the company has stopped hiring following a "dramatic drop" in chip orders from mobile phone makers. The company has also eliminated some research projects. Last year, Qualcomm increased its workforce by 20 percent in response to promising prospects and positive feedback from customers. The stock fell 7.1 percent today to $32.57 at the close of trading. The overall market was down sharply, and techs were hit hard. The stock has declined 17 percent this year.