Monday, December 5th 2022
GlobalFoundries Said to be Cutting 800 Jobs Despite Record Revenues in Q3
Despite reported record revenues of US$2.1 billion in the third quarter of this year, as well as a record net income of US$336 million, GlobalFoundries is said to be cutting its workforce by as many as 800 people. The job cuts are reported by VTDigger, a local newspaper in Vermont, where GlobalFoundries headquarters are located. According to the paper, GlobalFoundries are looking at cutting back on staff at all its global operations, but it's currently now known where the biggest cuts will take place. According to VTDigger, GlobalFoundries has around 14,000 employees globally, which makes the headcount cut around 5.7 percent of its workforce.
Based on comments by an anonymous employee, it was a small number of job cuts that were initially expected inside the GlobalFoundries. It's possible that contractors will be the ones being sacrificed in the first place, as the company has no less than 800 contractors just at its headquarters in Vermont, plus another 2,000 full time employees. GlobalFoundries has fabs in Vermont, New York, Singapore and Germany, but based on the comments by the employee, it's most likely that the major job cuts will take place in the US and Singapore, due to Germany's stricter employment laws. The job cuts are expected to start taking place this month.
Source:
VTDigger
Based on comments by an anonymous employee, it was a small number of job cuts that were initially expected inside the GlobalFoundries. It's possible that contractors will be the ones being sacrificed in the first place, as the company has no less than 800 contractors just at its headquarters in Vermont, plus another 2,000 full time employees. GlobalFoundries has fabs in Vermont, New York, Singapore and Germany, but based on the comments by the employee, it's most likely that the major job cuts will take place in the US and Singapore, due to Germany's stricter employment laws. The job cuts are expected to start taking place this month.
31 Comments on GlobalFoundries Said to be Cutting 800 Jobs Despite Record Revenues in Q3
Bye contractors.
Imagine if you didn't have a fixed rate mortgage and your interest went up by 3%, you'd probably have some anxiety to say the least. Businesses are basically in that boat.
Capitalism 101 at it's finest, ONCE AGAIN :(
Yeah ironic number of cuts and amount of contractors just in Vermont but I'm sure they will spread the pink slip grief around.
- don't buy products from hated company X
- don't seek work at hated company X
+ do buy stocks of hated company X.
Kind of splitting hairs here
So where did the local paper get the info from ?
I'd guess a local press release or leak
But really does it matter :laugh:
Local paper has mental telepathy going on ?
Isn't that normally how it works?
Also, LMAO at the top being lazy. Middle management? Yeah, sure. But the top? There's a reason so many of them did coke in the 90s and still do today. The bureaucracy in the middle is the biggest cash sink in most companies, which is why you are seeing so many white collar job losses but nowhere near as much in blue collar. Same reason tesla got rid of office owrkers but hired more factory workers.
That's how leaks are usually
Heads doing this it would be a public release.
I still don't get why you're splitting hairs though but carry on sir :cool:
To you there's only leaks and PR, nothing else?
Nope there are also rumors but no special section for that so they land in the news section and are speculated here.
On the record = public release
Off the record = leak or rumor.