Qualcomm doesn't have to worry about a hostile takeover anymore, but the company is still trying to please stockholders. It previously promised to reduce costs by $1 billion, and part of that seems to be laying off a large number of employees.

Qualcomm has begun cutting 1,500 jobs in California, with some positions being eliminated in other locations as well. The company employs about 34,000 people globally. Qualcomm said in a statement, "We first evaluated non-headcount expense reductions, but we concluded that a workforce reduction is needed to support long-term growth and success, which will ultimately benefit all our stakeholders."

It's always terrible when people lose their jobs, especially on a large scale. At the very least, Qualcomm will offer severance payments to those affected.