Qualcomm completes shareholder-prompted review of operations, says it won't break itself up

SAN DIEGO – 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 per cent 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 per cent.

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.