GlobalFoundries to cut about 800 jobs by the end of this year

GlobalFoundries announced a hiring freeze and layoffs during its earnings call last quarter as part of its plan to reduce operating expenses by $200 million a year. While GlobalFoundries’ revenue hit a record $2.1 billion in the third quarter of 2022, up 22% year-over-year, little growth is expected in the coming quarter as demand for chips slows.
According to VTDigger, “As part of a recent all-employee meeting, we shared the cost saving actions we are taking across our business in response to the current macroeconomic environment including reducing corporate and manufacturing overhead costs as well as selectively reducing our workforce by less than 800 employees globally before the end of the year,” said Julie Moynehan, a spokesperson for the company. It is understood that the current number of GlobalFoundries global employees is about 14,000, and the number of employees involved in this layoff is about 800, accounting for about 5.7%.

GlobalFoundries is currently the fourth-largest wafer foundry in the world and was listed in October 2021. It has five production bases and serves more than 200 customers. GlobalFoundries set a new record with shipments of 637,000 300mm wafers in the third quarter of 2022, an increase of 5% year-on-year, and achieved record gross profit, operating profit, and net profit.