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.
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