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
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31 Comments on GlobalFoundries Said to be Cutting 800 Jobs Despite Record Revenues in Q3

#26
claes
Someone doesn’t read news outside of tech forums
Posted on Reply
#27
DeathtoGnomes
claesSomeone doesn’t read news outside of tech forums
See, now thats a leak. :p
ThrashZoneHi,
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.
See that where this gets confusing, the company spokesperson confirmed the rumor.
:D
Posted on Reply
#28
Why_Me
AnarchoPrimitivAmen... all companies care about is short term stick prices, and if throwing out the work forcebis necessary ro do that, then that's what they'll do....ignoring the fact that workers having money to spend is what keeps recessions from getting worse. This is why state owned or partially state owned industries are an excellent way of acting as a backstop against recession....since they're state owned and don't have to run at a profit, they maintain their labor force, their labor force maintains disposable income, and our consumer based economies continue working.....it's worked great in the past.
It worked great for the Soviet Union ... or did it.
Posted on Reply
#29
tygrus
GF is a lower tier fab unless they can license from TSMC or get another fab company to buy them. They could have been great but settled for 2nd best which is now middle of the pack.
Posted on Reply
#30
Diverge
64KI hope GlobalFoundries cuts some of the fat from the executive tier then but I doubt they will.
Just wait until they come out with AI for management. Just imagine how much money can be saved by AI bots having meetings with other AI bots. All they do is make decisions, something that can be done with some programming. Keep pushing metrics, it will make it that much easier for bots to decide things.
Posted on Reply
#31
Wirko
DivergeJust wait until they come out with AI for management. Just imagine how much money can be saved by AI bots having meetings with other AI bots. All they do is make decisions, something that can be done with some programming. Keep pushing metrics, it will make it that much easier for bots to decide things.
Judging by the quality of text that CEOs and board members are able to generate, I believe that 8-bit chatbots should be fully capable of replacing them. A recent good example ...
www.techpowerup.com/301631/arm-announces-appointment-of-paul-e-jacobs-and-rosemary-schooler-to-its-board-of-directors
"The unique insights and depth of experience that Paul and Rosemary bring will help us expand and diversify our Board while providing enormous value to Arm at such a pivotal moment in our journey," said Rene Haas, CEO, Arm.

Haas added, "Paul has an incredible track record of developing cutting-edge technologies and leading Qualcomm through an amazing growth phase, and Rosemary has demonstrated exceptional leadership capabilities, setting and executing strategic priorities, driving innovation and cultivating customer relationships across a variety of Intel's businesses during her long career there. I look forward to working with both Paul and Rosemary as we strengthen our leadership position in the semiconductor ecosystem and prepare for the public markets."

"I have worked with Arm from the early days of smartphones and the wireless internet," Paul E. Jacobs added. "As computing becomes ever more pervasive, this creates new opportunities to build upon Arm's market-leading position. I am excited to join Arm's Board and work with the world-class team here to help drive the next technology revolutions."

"Arm is poised to be a leader in the semiconductor and computing industries," said Rosemary Schooler. "Working with customers to solve their most complex technology challenges has been the focus of my career. I'm thrilled to join Arm and look forward to helping the company expand its connected computing footprint across the globe."
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