Qualcomm decides against breaking itself up - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Qualcomm decides against breaking itself up

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SAN DIEGO (AP) — Qualcomm says it has decided against splitting up the company.

The San Diego, California, chip maker says that it's completed its review of its operations and decided that it's best served by its current corporate and financial structure.

Qualcomm shares are up almost 3 percent in morning trading on the news.

Qualcomm Inc. announced the structural review in July, along with plans to slash its spending by $1.4 billion and cut its workforce by 15 percent.

READ RELATED: Qualcomm expected to cut over 1,000 jobs in San Diego

At the time, the company had been under intense pressure from Jana Partners, a major shareholder, to make changes. As part of the changes, Qualcomm immediately added two Jana picks to its board and said it would add a third later.

Copyright 2015 The Associated Press.

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