GlobalFoundries plans up to 800 layoffs despite reporting record profits
US contract chipmaker GlobalFoundries plans to lay off as many as 800 employees, proving that job security is not a foregone conclusion for a company that just reported record profits.on Monday, citing a shaky economy despite its expectation that 2022 will be a banner year for the company and its hope to receive chip subsidies from Uncle Sam.
"As part of a recent all-employee meeting, we shared the cost saving actions we are taking across our business in response to the current macroeconomic environment including reducing corporate and manufacturing overhead costs as well as selectively reducing our workforce by less than 800 employees globally before the end of the year," GlobalFoundries said in a statement.
The planned job cuts amount to 5.7 percent of the company's 14,000 employees worldwide, according to Vermont publication VTDigger, which first reported the news.that the company was planning to reduce operating expenses in response to"macroeconomic uncertainty" in addition to signals of lower demand from some customers in 2023.
"Though it is difficult to take these actions during a year of record output, we believe that taking these actions now enables us to continue to outperform the market regardless of the economic environment," he said in last month's earnings call. In other words: to keep Wall Street pleased, GlobalFoundries needs to sacrifice a good chunk of jobs.
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