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GlobalFoundries To See Job Cuts as $200 Million Per Year Savings Bite

GlobalFoundries, an AMD spin-off that will go public in 2021 and produce enough chips to become the world’s fourth-largest semiconductor maker, has announced it will enact a hiring freeze and begin layoffs. , came in last week’s earnings call reported by bloomberg (opens in new tab)is part of an effort to reduce the company’s operating costs by $200 million annually.

(Image credit: GlobalFoundries)

In its earnings call earlier this month, the company, valued at $25 billion after going public in October 2021, reported: Exceeded expectations (opens in new tab)set a new record with revenue of $2.1 billion, up 22% year over year. However, we expect chip demand to slow in 2023 and see little to no growth this quarter.The company will keep costs in check and realize annual savings of $200 million, according to CFO Dave Reeder. We were about to launch a planned ‘initiative’, mostly due to cost cutting.

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