Qualcomm CEO says performance-based layoffs will be implemented after employee evaluations

Qualcomm (QCOM.US) CEO Cristiano Amon stated in a memo to employees on Monday that the company will implement "performance-driven layoffs" following the annual employee assessment. Amon said the layoffs aim to build a "stronger performance culture" and address the company's "ongoing underperformance." The memo did not specify how many positions would be affected. In the memo, Amon noted that the layoff process will comprehensively consider business priorities, organizational needs, skills, and expertise. "As our business expands, the capabilities and skills we require are also continually increasing," he wrote. "We must have the right people in the right positions so they can perform at their best, allowing the company to continue to succeed."