From CNET: Following restructuring murmurs earlier this week, Qualcomm confirmed those plans with further details while publishing third-quarter financial results after the bell on Wednesday.
The tech giant reported a net income of $1.2 billion, or 73 cents per share (statement). Non-GAAP earnings were 99 cents per share on a revenue of $5.8 billion. Wall Street was looking for earnings of 95 cents per share with $5.85 billion in revenue.
Qualcomm is still coming down from a $975 million fine imposed last quarter by the China National Development and Reform Commission (NDRC) over an anti-monopoly investigation.
Despite the slight revenue miss, shareholders appear to have been assuaged by the extensive newly-announced plans -- possibly helped by the unofficial warning already dropped a few days prior. Qualcomm shares were seen to have edged upward slightly in after-hours trading.
In the third-quarter report, Qualcomm CEO Steve Mollenkopf elaborated about what his company simultaneously unveiled as its "Strategic Realignment Plan," which includes a 15 percent reduction in the full-time employee workforce on top of numerous other cost-cutting measures.
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