Qualcomm to cut jobs, costs

Qualcomm says it will cut jobs, update its board and review its business structure options as part of an effort to improve its performance.

The San Diego-based wireless technology company has been under intense pressure recently from Jana Partners, a major shareholder, to make changes.

Qualcomm said Wednesday that it plans to cut its spending by $1.4 million. This includes an unspecified reduction in its workforce and shrinking the number of offices. The company is also adding two Jana Partner picks to its board of directors. A third director, selected by the company and approved by Jana, will be added soon.

Qualcomm Inc.'s announcement comes as it reports a massive drop in third-quarter revenue and profit.