#GlobalFoundries #Job #Cuts #Million #Year #Savings #Bite

GlobalFoundries, the AMD spin-off that went public in 2021 and produces enough chips to make it the world’s fourth-largest semiconductor manufacturer, has announced it will enact a hiring freeze and begin job cuts. The news, which came in an earnings call last week reported by Bloomberg (opens in new tab), is part of a drive to lower the company’s operating expenses by $200 million annually.

(Image credit: GlobalFoundries)

In an earnings announcement earlier this month, the firm, valued at $25 billion after its October 2021 floatation, reported better-than-expected results (opens in new tab), hitting a new record for revenue with a $2.1 billion figure, up 22% year on year. However, it also said it saw a slowing in chip demand for 2023 and expected little or no growth in the current quarter. According to its CFO Dave Reeder, the company was looking to contain costs and bring up planned ‘initiatives’ that would deliver the $200 million annual savings, but the bulk of it would come from cuts to expenses.

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