Qualcomm released its earnings reports for Q3 of the fiscal 2015. The San Diego-based chipmaker posted net income of $1.6 billion from $5.7 billion of revenue.

The industry heavyweight’s net income and revenue have dropped by 35% and 14% respectively from the same period last year. Lower than expected demand for high-end devices with Qualcomm chipsets also forced the manufacturer to reduce its forecast for the year yet again.

As part of a drastic restructuring plan, Qualcomm announced plans to reduce its 30,000 strong work force by 15%. That’s considerably more than the 10% that were previously reported.

Qualcomm’s troubles should hardly catch anyone by surprise. The company’s latest high-end chipsets have performed below expectations this year and, as a result, the company lost Samsung as a customer. As you probably know by now, the Korean giant opted for its own Exynos 7420 solution for the Samsung Galaxy S6 family.

Source | Via