GlobalFoundries joins the tech layoffs

Meta has made the decision to cut its staff by around 11,000 people, in line with what was announced by other large technology companies such as Amazon. The American technology company plans to lay off 10,000 employees this last quarter. Also, GlobalFoundries joins this trend, and plans a cut in personnel that would mean a great saving in labor costs..

The world economy is unpredictable. The business decisions of the big technology companies have the objective of perpetuating their production process. And it is that, with the probability of a recession in the US, which could affect the world economy, some technology companies have already taken positions. Either by laying off some employees or even selling your assets. What is certain is that the big technology companies have begun to draw up their action plan.

Amazon has planned to lay off around 10,000 workers, becoming This is the company’s largest payroll cut since its foundation in 1994. Even so, this only represents 3% of the company’s permanent workers, and 1% of the total workforce.

Jeff Bezos, CEO of Amazon, says that if the United States is not in a recession, it probably will be in the very near future. He has also invited other companies to follow his example, trying to have more liquidity in a market that could soon collapse.

The chipmaker that supplies AMD, one of the world’s largest microprocessor brands, has heeded the advice. His massive layoffs could result in savings of up to $200 million in the next year.

From the great 2020, to the complicated 2022

The declared pandemic in 2020 resulted in the most profitable year in Amazon’s existence, due to big e-commerce data. However, this uptrend did not last for long. 2022, in particular, has been the year with the lowest growth rate for the company in two decades.

Like Amazon’s momentary doldrums, GlobalFoundaries doesn’t expect significant revenue or accelerated growth in 2023. However, they are in the process of closing the sale of one of their production plants, at a value of 430 million dollars.

Mass layoffs at Big Tech have been declared as a measure to prepare for future turmoil. Whether it’s getting a bit of liquidity by selling some properties, or directly saving on operating costs, these companies are starting to get forecasts.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *