Semiconductor giant GlobalFoundries responds to hiring freezes and layoffs

Global semiconductor foundry GlobalFoundries responded to rumors of freezing recruitment and layoffs by saying that it is launching a recruitment freeze and taking a series of targeted measures. Action to selectively reduce headcount. Data shows that GlobalFoundries employs about 15,000 people worldwide, and its business in China accounts for about 10% of the world's. Currently, there are no semiconductor production facilities in China.

On November 11, GlobalFoundries announced the start of layoffs and a freeze on recruitment but did not disclose the specific time of layoffs and which departments would be affected. Previously, GlobalFoundries said in an earnings conference call that the company was working on a plan to reduce operating expenses by $200 million a year.

The financial report shows that GF’s third-quarter revenue was US$2.1 billion (approximately RMB 15.204 billion), a year-on-year increase of 22%; net income was US$336 million (approximately RMB 2.433 billion).

GlobalFoundries CEO Thomas Caulfield said when talking about the third quarter financial data that the company achieved record gross profit, operating profit, and net profit and we are still expected to achieve strong growth and profitability this year.

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