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Qualcomm decides against breaking itself up

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Posted at 11:47 AM, Dec 15, 2015
and last updated 2015-12-15 14:47:53-05
SAN DIEGO -- Qualcomm says it has decided against splitting up the company.
 
The San Diego-based 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.
 
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.