{"id":24044,"date":"2022-11-14T14:14:11","date_gmt":"2022-11-14T15:14:11","guid":{"rendered":"https:\/\/peymantaeidi.net\/stem-cell\/?p=24044"},"modified":"2022-11-14T15:41:33","modified_gmt":"2022-11-14T15:41:33","slug":"globalfoundries-planning-job-cuts-hiring-freeze-bloomberg-reports","status":"publish","type":"post","link":"https:\/\/peymantaeidi.net\/stem-cell\/2022\/11\/14\/globalfoundries-planning-job-cuts-hiring-freeze-bloomberg-reports\/","title":{"rendered":"GlobalFoundries planning job cuts, hiring freeze, Bloomberg reports"},"content":{"rendered":"<header class=\"article--header articleHeader\">\n<h3 class=\"articleHeader--deck\">The cost-saving program comes after the Malta-based chipmaker reported record financial results<\/h3>\n<div class=\"articleHeader--subHead hasPhoto\">\n<div class=\"articleHeader--photo\"><a href=\"https:\/\/www.timesunion.com\/author\/larry-rulison\/\" title=\"Larry Rulison\" class=\"articleHeaderHeader--subhead-img hdn-analytics\" data-hdn-analytics=\"visit-from-image|Larry Rulison-Author Page|articleHeader-header|1\" target=\"_blank\" rel=\"noopener noreferrer\"><img class=\"articleHeaderHeader--subhead-img\" alt=\"Photo of Larry Rulison\" src \/><\/a><\/div>\n<div class=\"articleHeader--byline\"><a href=\"https:\/\/www.timesunion.com\/author\/larry-rulison\/\" title=\"Larry Rulison\" class=\"articleHeader--byline-url hdn-analytics\" data-hdn-analytics=\"visit|Larry Rulison-Author Page|article-header|1\" target=\"_blank\" rel=\"noopener noreferrer\">Larry Rulison<\/a><\/div>\n<p>Nov. 14, 2022<\/p>\n<\/div>\n<\/header>\n<article class=\"article--content\">\n<section id=\"articleTop\" class=\"article--content-zone top\"><\/section>\n<section class=\"gallery extendFromGrid\" data-layout=\"default\" data-total=\"5\" data-guid=\"article_17582923_gallery\" data-title=\"\" aria-label=\"carousel\" role=\"region\">\n<p class=\"sr-only\">This is a carousel. Use Next and Previous buttons to navigate<\/p>\n<div class=\"gallery--slider beginning\">\n         <button class=\"nav prev\" aria-label=\"Previous\"><\/button><\/p>\n<figure class=\"gallery--slider-item truncated_xs\" id=\"1-image-22692191\" data-slide-number=\"1\" data-slide-id=\"22692191\" role=\"group\" aria-label=\"1 of 5\">\n<p>                <img decoding=\"async\" class=\"landscape\" src=\"https:\/\/peymantaeidi.net\/stem-cell\/wp-content\/uploads\/2022\/11\/1200x0.jpg\" alt=\"GlobalFoundries, which operates its Fab 8 computer chip factory in Malta, is planning job cuts and a hiring freeze amid poor &quot;macroeconomic&quot; conditions impacting the tech sector, according to Bloomberg.\" \/><figcaption><span class=\"count\">1<span>of<\/span>5<\/span><span class=\"caption\"><\/p>\n<p>GlobalFoundries, which operates its Fab 8 computer chip factory in Malta, is planning job cuts and a hiring freeze amid poor &#8220;macroeconomic&#8221; conditions impacting the tech sector, according to Bloomberg.<\/p>\n<p><\/span><span class=\"credits\">Times Union file photo<\/span><span class=\"show-more\" aria-hidden=\"true\"><a href=\"https:\/\/www.timesunion.com\/business\/article\/GlobalFoundries-planning-job-cuts-hiring-freeze-17582923.php?IPID=Times-Union-sports-breaking-bar#\">Show More<\/a><\/span><span class=\"show-less\" aria-hidden=\"true\"><a href=\"https:\/\/www.timesunion.com\/business\/article\/GlobalFoundries-planning-job-cuts-hiring-freeze-17582923.php?IPID=Times-Union-sports-breaking-bar#\">Show Less<\/a><\/span><\/figcaption><\/figure>\n<figure class=\"gallery--slider-item truncated_xs truncated_sm truncated_md truncated_lg\" id=\"2-image-23058891\" data-slide-number=\"2\" data-slide-id=\"23058891\" aria-hidden=\"true\" role=\"group\" aria-label=\"2 of 5\">\n<p>                <img decoding=\"async\" class=\"landscape cropped\" src=\"https:\/\/peymantaeidi.net\/stem-cell\/wp-content\/uploads\/2022\/11\/1200x0-1.jpg\" alt=\"Tom Caulfield, CEO of GlobalFoundries, left, joins U.S. Senate Majority Leader Charles Schumer, right, in calling for legislation that would block China\u2019s semiconductor supply from entering the U.S. defense sector and boost state chip manufacturing on Tuesday, Oct. 18, 2022, during a press conference at Albany NanoTech Complex in Albany, N.Y. GlobalFoundries is reportedly looking at job cuts despite the federal help.\" \/><figcaption><span class=\"count\">2<span>of<\/span>5<\/span><span class=\"caption\"><\/p>\n<p>Tom Caulfield, CEO of GlobalFoundries, left, joins U.S. Senate Majority Leader Charles Schumer, right, in calling for legislation that would block China\u2019s semiconductor supply from entering the U.S. defense sector and boost state chip manufacturing on Tuesday, Oct. 18, 2022, during a press conference at Albany NanoTech Complex in Albany, N.Y. GlobalFoundries is reportedly looking at job cuts despite the federal help.<\/p>\n<p><\/span><span class=\"credits\">Will Waldron\/Times Union<\/span><span class=\"show-more\" aria-hidden=\"true\"><a href=\"https:\/\/www.timesunion.com\/business\/article\/GlobalFoundries-planning-job-cuts-hiring-freeze-17582923.php?IPID=Times-Union-sports-breaking-bar#\">Show More<\/a><\/span><span class=\"show-less\" aria-hidden=\"true\"><a href=\"https:\/\/www.timesunion.com\/business\/article\/GlobalFoundries-planning-job-cuts-hiring-freeze-17582923.php?IPID=Times-Union-sports-breaking-bar#\">Show Less<\/a><\/span><\/figcaption><\/figure>\n<figure class=\"gallery--slider-item\" id=\"3-image-taboola-1\" data-slide-number=\"3\" data-slide-id=\"taboola-1\" aria-hidden=\"true\" role=\"group\" aria-label=\"3 of 5\"><figcaption><span class=\"count\">3<span>of<\/span>5<\/span><span class=\"caption\"><\/span><\/figcaption><\/figure>\n<figure class=\"gallery--slider-item\" id=\"4-image-21641352\" data-slide-number=\"4\" data-slide-id=\"21641352\" aria-hidden=\"true\" role=\"group\" aria-label=\"4 of 5\">\n<p><img class=\"landscape cropped\" data-src=\"https:\/\/peymantaeidi.net\/stem-cell\/wp-content\/uploads\/2022\/11\/1200x0-2.jpg\" alt=\"GlobalFoundries CEO Tom Caulfield, front center, celebrates with employees, board members and investors at the company&#039;s $3 billion IPO last year at the Nasdaq stock market in New York City.\" src \/><figcaption><span class=\"count\">4<span>of<\/span>5<\/span><span class=\"caption\"><\/p>\n<p>GlobalFoundries CEO Tom Caulfield, front center, celebrates with employees, board members and investors at the company&#8217;s $3 billion IPO last year at the Nasdaq stock market in New York City.<\/p>\n<p><\/span><span class=\"credits\">Vanja Savic\/GlobalFoundries<\/span><span class=\"show-more\" aria-hidden=\"true\"><a href=\"https:\/\/www.timesunion.com\/business\/article\/GlobalFoundries-planning-job-cuts-hiring-freeze-17582923.php?IPID=Times-Union-sports-breaking-bar#\">Show More<\/a><\/span><span class=\"show-less\" aria-hidden=\"true\"><a href=\"https:\/\/www.timesunion.com\/business\/article\/GlobalFoundries-planning-job-cuts-hiring-freeze-17582923.php?IPID=Times-Union-sports-breaking-bar#\">Show Less<\/a><\/span><\/figcaption><\/figure>\n<figure class=\"gallery--slider-item\" id=\"5-image-taboola-2\" data-slide-number=\"5\" data-slide-id=\"taboola-2\" aria-hidden=\"true\" role=\"group\" aria-label=\"5 of 5\"><figcaption><span class=\"count\">5<span>of<\/span>5<\/span><span class=\"caption\"><\/span><\/figcaption><\/figure>\n<p>        <button class=\"nav next\" aria-label=\"Next\"><\/button>\n    <\/div>\n<\/section>\n<p>MALTA \u2014 Despite reporting record earnings last week, GlobalFoundries is planning company-wide job cuts and a hiring freeze, according to a Bloomberg report.<\/p>\n<p>The Bloomberg report said that GlobalFoundries, which employs about 3,000 people at its headquarters and Fab 8 computer chip factory at the Luther Forest Technology Campus in Saratoga County, informed employees on Friday of the cost-cutting measures.<\/p>\n<div id=\"paywall\" class=\"content-wrapper\">\n<p>The Times Union could not immediately reach a GlobalFoundries spokesperson for comment.<\/p>\n<section class=\"article--content-embed inline-iframe\" data-eid=\"item-96743\">\n<\/section>\n<p>However, <a href=\"https:\/\/finance.yahoo.com\/news\/chipmaker-globalfoundries-start-job-cuts-194802503.html?fr=yhssrp_catchall\" target=\"_blank\" rel=\"noopener\">Bloomberg said the company did not specify how many jobs would be eliminated<\/a> or when any layoffs would occur. An unnamed GlobalFoundries spokesperson was quoted in the story said the &#8220;focused actions&#8217; were due to the &#8220;macroeconomic environment&#8221; that has led much of the technology industry \u2014 along with most other chipmakers \u2014 to reduce costs and payroll.<\/p>\n<p>When GlobalFoundries issued its earnings report last week, it told analysts during a conference call that it was looking to shed $200 million from its annual expenses.<\/p>\n<p>It reported <a href=\"https:\/\/www.timesunion.com\/business\/article\/GlobalFoundries-reports-record-profit-as-it-preps-17568204.php\" target=\"_blank\" rel=\"noopener\">record revenues of $2.1 billion for the third quarter<\/a>, an increase of 22 percent over the same period last year. Profit for the quarter was $336 million, another record for the company.<\/p>\n<aside class=\"article--content-inline\">\n<aside class=\"zone\"><\/aside>\n<\/aside>\n<p>The chip industry is notoriously volatile, and chipmakers will cut jobs and other expenses if they forecast difficult economic conditions due to the enormous costs of chip manufacturing. As a third-party chipmaker, GlobalFoundries makes chips for other companies, and so margins are relatively thin to begin with.<\/p>\n<section id=\"articleBottom\" class=\"article--content-zone bottom\"><\/section>\n<\/div>\n<\/article>\n<aside class=\"article--aside slideshow--aside\">\n<aside id=\"zoneD\" class=\"zone\">\n<\/aside>\n<aside id=\"zoneC\" class=\"zone\"><\/aside>\n<\/aside>\n<footer class=\"article--footer\">\n<div class=\"articleFooter\">\n<div class=\"articleFooter--author articleFooter--social\">\n<p>Reach Larry on<\/p>\n<\/p><\/div>\n<div class=\"articleFooter--bio\">\n<p>Larry Rulison has been a reporter for the Albany Times Union since 2005. Larry&#8217;s reporting for the Times Union has won several awards for business and investigative journalism from the New York State Associated Press Association and the New York News Publishers Association. Contact him at <a href=\"tel:518-454-5504\">518-454-5504<\/a> or <a href=\"mailto:lrulison@timesunion.com\">lrulison@timesunion.com<\/a>.\n<\/p>\n<\/div><\/div>\n<\/footer>\n","protected":false},"excerpt":{"rendered":"<p>The cost-saving program comes after the Malta-based chipmaker reported record financial results Larry Rulison Nov.<\/p>\n","protected":false},"author":1,"featured_media":24046,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/peymantaeidi.net\/stem-cell\/wp-json\/wp\/v2\/posts\/24044"}],"collection":[{"href":"https:\/\/peymantaeidi.net\/stem-cell\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/peymantaeidi.net\/stem-cell\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/peymantaeidi.net\/stem-cell\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/peymantaeidi.net\/stem-cell\/wp-json\/wp\/v2\/comments?post=24044"}],"version-history":[{"count":2,"href":"https:\/\/peymantaeidi.net\/stem-cell\/wp-json\/wp\/v2\/posts\/24044\/revisions"}],"predecessor-version":[{"id":24050,"href":"https:\/\/peymantaeidi.net\/stem-cell\/wp-json\/wp\/v2\/posts\/24044\/revisions\/24050"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/peymantaeidi.net\/stem-cell\/wp-json\/wp\/v2\/media\/24046"}],"wp:attachment":[{"href":"https:\/\/peymantaeidi.net\/stem-cell\/wp-json\/wp\/v2\/media?parent=24044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/peymantaeidi.net\/stem-cell\/wp-json\/wp\/v2\/categories?post=24044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/peymantaeidi.net\/stem-cell\/wp-json\/wp\/v2\/tags?post=24044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}