[ad_1]
(Bloomberg) — GlobalFoundries Inc., the most important US-based supplier of made-to-order semiconductors, is starting job cuts and has enacted a hiring freeze.
Most Learn from Bloomberg
The corporate Friday knowledgeable its staff of the approaching workforce reductions, with out disclosing when precisely they’d happen or which divisions could be affected. The chipmaker mentioned Tuesday throughout an earnings name that it was engaged on initiatives to decrease its working bills by $200 million yearly.
A GlobalFoundries spokeswoman confirmed the job cuts and hiring freeze, however declined to specify a quantity, saying the corporate was “taking targeted actions on our workforce.” The chipmaker “had a powerful third quarter and strong fourth-quarter steering, however primarily based on the present macroeconomic setting” is searching for to comprise prices, the spokeswoman added.
The corporate primarily based in Malta, New York, and majority-owned by the federal government of Abu Dhabi, is amongst semiconductor producers searching for funds from the US authorities through the $52 billion CHIPS Act to increase home chip manufacturing. In planning layoffs and implementing a hiring freeze, GlobalFoundries is becoming a member of lots of its friends within the broader know-how industries.
Intel Corp. not too long ago mentioned it can bear price reductions, which Bloomberg Information reported would come with a major variety of job cuts. Different chip firms, together with Micron Expertise Inc., have slowed hiring. Meta Platforms Inc. has began widespread layoffs, whereas Qualcomm Inc., Twitter Inc., Apple Inc. and Amazon.com Inc. are amongst those who have paused hiring for a lot of divisions.
On Tuesday, GlobalFoundries mentioned third-quarter income jumped 22% and projected gross sales and revenue within the present quarter that topped analysts’ estimates. The corporate is attempting to win share available in the market for outsourced chip manufacturing and achieve sufficient scale to compete with trade chief Taiwan Semiconductor Manufacturing Co.
Most Learn from Bloomberg Businessweek
©2022 Bloomberg L.P.
Source link