U.S. Adds More Hurdles for Chinese Firms Using American Chip Tools

GlobalFoundries To See Job Cuts as $200 Million Per Yr Financial savings Chunk

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GlobalFoundries, the AMD spin-off that went public in 2021 and produces sufficient chips to make it the world’s fourth-largest semiconductor producer, has introduced it would enact a hiring freeze and start job cuts. The information, which got here in an earnings name final week reported by Bloomberg (opens in new tab), is a part of a drive to decrease the corporate’s working bills by $200 million yearly.

(Picture credit score: GlobalFoundries)

In an earnings announcement earlier this month, the agency, valued at $25 billion after its October 2021 floatation, reported better-than-expected outcomes (opens in new tab), hitting a brand new document for income with a $2.1 billion determine, up 22% yr on yr. Nevertheless, it additionally stated it noticed a slowing in chip demand for 2023 and anticipated little or no development within the present quarter. In keeping with its CFO Dave Reeder, the corporate was trying to comprise prices and convey up deliberate ‘initiatives’ that might ship the $200 million annual financial savings, however the bulk of it will come from cuts to bills.

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