Wireless chip vendor Qualcomm plans to do away with about 15 per cent of its total workforce in a bid to reduce costs by $1.4 billion. At present, the company has a workforce of about 31,300 employees and it plans to lay off about 4,700 employees.

Qualcomm’s decision to cut jobs follows a 14 per cent decline in the company’s revues revenue to $5.8 billion in the third quarter of 2015 and 47 per cent decline in net income to $1.2 billion.

With an aims to strengthen its operations, Qualcomm aims to significantly reduce temporary workforce; streamline engineering organisation; increase mix of resources in lower-cost regions and reduce locations; and make investments in differentiated technology areas.