Qualcomm, the $105bn chipmaker under pressure from an activist investor, said it would slash its workforce, shift activity to low-cost countries and consider a break-up, amid a slowdown in chip demand.
The company also announced that it would add three new directors to its board and shake up executive compensation, agreeing to a slate of demands from the activist hedge fund Jana Partners.
Qualcomm has been under pressure since Jana took a $2bn stake in the company in April, demanding cost cuts and the possible separation of the patent licensing arm that accounts for two-thirds of earnings.
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