Foreign media disclosed that GlobalFoundries will lay off staff by the end of 2022.

(Schematic, Bloomberg)

[Financial Channel/Comprehensive Report] The news website VTDigger reported that GlobalFoundries (GlobalFoundries) held an online staff meeting this week and announced that it will lay off more than 800 employees by the end of 2022, accounting for about 5.7% of its 14,000 employees worldwide.

VTDigger reported that GlobalFoundries CEO Tom Caulfield disclosed the news of layoffs at a staff meeting. GlobalFoundries' layoffs are mainly non-manufacturing employees, and will also include executive-level positions. The layoff plan will be completed before the end of 2022. The number of people exceeds 800.

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VTDigger said that the news of the layoffs has been confirmed by an email from a GF spokesperson, and it is estimated that the layoffs can save GF about $200 million a year.

Recently, GlobalFoundries announced its financial report for the third quarter of 2022 as of September 30. The single-quarter revenue was US$2.07 billion, an annual increase of 22%, which was higher than the company's previous expectation of US$2.035 billion to US$2.065 billion. Net profit (EPS) was 67 cents, much higher than the 7 cents in the same period last year. Both revenue and profit hit record highs, and wafer shipments in a single quarter increased by 5% year-on-year to 637,000 pieces, which is also a new high.

The report pointed out that GF CEO Tom Caulfield did not explain why the record high profit in the third quarter could not be used to save jobs.

He warned only in a recent meeting with Wall Street analysts and staff that GF will have to cut costs to prepare for slumping demand for semiconductors as the world economy slows and faces a recession.

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