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Qualcomm to freeze further hiring, says CEO
TT Bureau |  |  13 Nov 2008

Chipmaker Qualcomm Inc. will avert from making further hiring and is doing away with some research projects as a result of drop in chip orders from mobile handset makers, said Chief Executive Officer Paul Jacobs.


He further added that contracts fell in October with most of the manufacturers cutting back on their stockpiles of unused parts, a reduction that will last for about two quarters.


Earlier in the week, the company had said that its revenue for the quarter may slip as much as 6 percent from a year earlier, the first decline in seven years.


Qualcomm fell $2.50, or 7.1 percent, to $32.57 at 4 p.m. by New York time.

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