Jobs at Risk at Chip Manufacturer GlobalFoundries
Chip manufacturer GlobalFoundries may be laid off. The company warns its staff in an e-mail about a reorganization. However, it is unclear how many employees will be affected and when they will lose their jobs.
The chip manufacturer wants to implement cost savings through the round of layoffs. GlobalFoundries thus responds to increasing uncertainty in the market. CEO Thomas Caulfield points out that several customers have reduced their orders for 2023.
Although the company’s most recent quarterly results beat expectations, GlobalFoundries is therefore forced to watch costs. In total, the company wants to save $ 200 million, focusing on operational costs. That includes job cuts.
Competitor Intel also announced a round of layoffs a few weeks ago. Based on sources, the Bloomberg news agency reported that up to 20 percent of jobs are at risk in some departments. Intel confirmed the layoff plans but left open how many jobs will be lost.