Global Foundries Plans Layoffs, Hiring Freeze
On November 12, Bloomberg reported that semiconductor wafer foundry GlobalFoundries is preparing for layoffs and has implemented a hiring freeze. The company, which employs approximately 15,000 people globally, with about 10% of its business originating from China, currently has no semiconductor production facilities in the region.
GlobalFoundries informed its employees about the upcoming layoffs on November 11, although no specific details about the timing or affected departments were disclosed. During a financial earnings call on Tuesday, the company stated that it is working on plans to reduce its operating expenses by $200 million annually.
According to its financial report, GlobalFoundries achieved third-quarter revenue of $2.1 billion (approximately ¥15.2 billion), marking a 22% year-over-year increase. The company also reported a net income of $336 million (around ¥2.43 billion).
A company spokesperson confirmed the layoffs and recruitment freeze but declined to provide specific numbers, stating that the company is "taking targeted actions with our workforce." The spokesperson further noted that while the company posted strong third-quarter results and provided a solid forecast for the fourth quarter, it is seeking to control costs due to the current macroeconomic environment.
