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发帖数: 341 | 1 http://www.fool.com/investing/general/2015/09/19/qualcomm-start
Qualcomm Starts Its Latest Round of Cuts
The mobile chip giant starts to implement its turnaround plan. Can it pivot,
too?
Earlier this year, mobile chip giant Qualcomm (NASDAQ:QCOM) announced a new
Strategic Realignment Plan as part of a broader turnaround effort. The
company's business has been under different kinds of pressure due to slowing
growth in the smartphone market as well as "changing industry dynamics,"
particularly in the premium end of the market.
As part of the Strategic Realignment Plan, Qualcomm had said previously that
it would cut upwards of 15% of its total workforce, which translates into
potentially 4,500 layoffs. Well, the company has now begun the job cuts.
Qualcomm has now cut 1,314 full-time jobs at its San Diego headquarters,
according to The San Diego Union Tribune. Qualcomm also cut hundreds of jobs
in other locations, but none were more affected than at its headquarters.
The first cut is not the deepest
As Qualcomm begins implementing its restructuring, there are still thousands
of more cuts to go before the company is done "right-sizing" its cost
structure. Total annual costs for fiscal 2015 are expected to be in the
ballpark of $7.3 billion, and Qualcomm is planning to reduce that figure by
a total of $1.4 billion (including $300 million in stock-based compensation
expenses) by the end of fiscal 2016, which translates into a nearly 20% cut
in total costs.
Meanwhile, Qualcomm continues to consider its overall corporate structure,
as activist investor JANA Partners (which recently scored 3 seat nominations
on the board) has been pushing for a breakup, believing that doing so would
unlock value for shareholders under a sum-of-the-parts valuation thesis.
Although Qualcomm President Derek Aberle recently told Reuters that
splitting the company up might not actually create value, even though
Qualcomm and JANA both consider shares undervalued at current prices.
Pivot time
As is common when tech companies face headwinds, Qualcomm says it's now time
to "pivot." In a recent interview, CEO Steve Mollenkopf told the local
publication, "Now we are in a position where we have to pivot the company."
Qualcomm will naturally continue building its smartphone business while
simultaneously attempting to address new opportunities. There are several
tangential markets that are obvious candidates, since they can leverage many
of the same technologies that Qualcomm has built for smartphones.
Mollenkopf mentioned cars as one "great example," as automakers are
increasingly adding Internet connectivity and building new experiences. You
can't ignore the fact that NVIDIA is in the midst of an identical pivot with
its Tegra chips, after the smaller company couldn't compete meaningfully
with Qualcomm in smartphones. The irony here is that NVIDIA may now have
something of a first-mover advantage with tailoring its chips for cars as
well as established relationships. But the auto market moves slow, so
Qualcomm has plenty of time to engage with automakers. Qualcomm will also
have to face the reality that the auto market is a low-unit market, a stark
contrast to the smartphone market, but at least it would be incrementally
positive.
Healthcare and the Internet of Things are also high on Mollenkopf's list,
since the ongoing evolutions there play directly into Qualcomm's expertise
with mobile technology and cellular connectivity. Qualcomm is also turning
its attention to the nascent drone market. Earlier this month, Qualcomm
announced a new reference platform called Snapdragon Flight, where optimized
versions of its processors could power consumer drones. Since Snapdragon
chips can perform many of the functions that drones require in one package,
Qualcomm believes that it can lead to simpler and more affordable drones,
which could in turn spur mainstream consumer adoption.
All the while, Qualcomm continues to repurchase shares to return capital to
shareholders, a testament that it really considers its current valuation
attractive.
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[在 dchow201 () 的大作中提到：]
：来嘛，有了第一次，也就不怕第二第三次了
：
：........... | s*********5
发帖数: 5637 | 4 先消停一下。让大家好好吃完月饼，吃完火鸡和圣诞大餐再说吧 |
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