Thread regarding GlobalFoundries layoffs

“Balance sheet is fine” Layoffs, stock dropping, CEO dumping 15+ million in shares, no new node development and contracting order.. Nothing to see here lol

@2ged+1keceElF

Actually the balance sheet is where the place tricks to make us appear financially sound to outside world. But any CPA can see what they are doing and tricks (site equipment and tool depreciation, etc,)

@2wsq+1keceElF

lol every stock is dropping as well for the past week because of the interest rate hike. As much as I hate this place, the balance sheet is fine. This place isn't going anywhere short term

Stock already lost 15% in last week or so and cratering fast. This is what happens when we loose trust in company and management. I think we are going to see bankruptcy soon if downward trend is not slowed down as our sponsors will not like to keep their money in just supporting the stock at IPO level.

@1lnt+1keceElF

Still cashing in on that smart Wall St money, while further advancing GF. What can you say? 50% cafe discount utilization?

I can tell you the FAB10 Christmas party was a hit! It was a shame to come back so early to a[][]-l1ck some more to further advance my career and pocketbook.

@1xkm+1keceElF
You don’t have a clue what you are talking about when you put GF in the same league as TI, ON semi and micron. You must be a member of TCs Senior leadership team or even TC himself! The three companies you listed , unlike GF , are all design houses also. That’s differentiation over GF for you. GF is a pure contract foundry with very questionable roadmap , headed by even more questionable senior leadership trying to compete with likes of TSMC who is investing about $4B In Fab development in US when their market is actually shrinking due to economic downturn

I see some of us still under illusion and making huge mistake of comparing GF with micron. Not to offend but GF is too small and already seeing the damage and destruction from wrong policies it adopted since 7 nm pivot. I was hopeful when 7 nm pivot happened and believed in fairy feature rich bull sh-t and ebitda junk that TC showed every quarter to confuse everyone in GF. That illusion is gone after recent layoff and remaining of us who can find job will leave at next opportunity.

@1tyq+1keceElF
I concur, GloFo is going dodo like Qimonda under the guidance of the wise guys from McKinsey. The very same wise guys who'd advised Purdue Pharma, and we know how well it worked (ref. to www.nytimes.com from 2021/02/03).
That will happen sooner rather than later, TC's rushing to sell his shares for the reason. Is it right time to call your senator or congressman?

ON-SEMI, Texas Instruments, Micron, etc. still live on, with very basic differentiated technologies, and make billions of dollars. Globalfoundries will survive, too.

Haters gonna hate. Now, I’m going to be cashing in those RSU’s for my earned shared of “smart Wall St money.”

“Surviving” - Yeah sounds like a place with a future..

@1itg+1keceElF

Yea he pi---d himself out so hard to get a piece of that money. You couldn’t escape some news blurb of him talking on Kramer or visiting DC and various politicians. My news feed was inundated with him speaking about the CHIPs act and we got nothing to show for it. All that jerking politicians off with no pay off. He is inept.

I recently saw he was just appointed to the board of directors of Global Semiconductor Alliance. With this action the GSA instantly loses tremendous amount of credibility. He is and never has been good at his job or a good businessman. It is baffling how he got such a reputation.

Yes NY State government is rethinking their relationship with Globalfoundries. Vermont too. The whole point of bringing Globalfoundries into these respective states was to create jobs for the area. But it’s becoming clearer and clearer that GF has misled these government bodies and has a very different agenda than was pitched to the various government representatives.

Factor in extremely terrible business decisions and leadership with misdirection of state officials and you got some very pi---d off people in Albany (and Montpelier). I wouldn’t be surprised if state and federal (SEC) regulators start investigating Globalfoundries dealings and activities a bit harder.

He was counting on the chips Act money but now with the layoffs Schume may not be as enthusiastic about giving too much cash to GF.

Evolve or die- innovate or be obsolete.
14nm failed, 7nm failed, now our innovating techs are being pushed on the back burner in the name of cost savings. Tom became CEO as 7nm failed and was tasked with making the company profitable and IPO. He achieved these things but at the cost of forward technological progress. Mubadala made the decision when it pulled the plug on 7nm that we would never be a leading foundry, and that it would settle for what money it could get out of GF. Without new differentiating technology that customers will actually buy, we’re just treading water.

I have my doubts as hard to survive in US just being third tier bottom feeder foundry as cost is high. In absence of niche market we are already in bad shape and this economic uncertainty is what expediting our demise.

I do see the survival chances for year at least as our customers still need second source cheaper low cost option for 14 nm. Even if they transition to 10 nm and 7 nm soon, there will be third tier foundries who will like to run cheap 14 mmm as they can not afford 10 and 7 nm. Also TSMC, Intel and Samsung will start moving away from 14 nm soon as this gets obsolete technology with poor margin for their standard . GF being a third tier bottom feeder cheap foundry will always be option for anyone running 14 nm and mature technology. TC will keep margin lucrative with layoffs so that our shares do not crash causing immediate bankruptcy.

TC just sold 250k shares of GF on Nov. 11th. The week before he announced layoffs. Remember? GF is eventually going to get sold. At the moment, GF is a bottom feeder foundry. On the bright side, TC will be rich and happy, unlike the majority of GF employees

It will survive a year at least hopefully.. my worry is that 10 nm and 7 nm are well matured technology running in high volume at top 3 and soon we will see our customers tapering off and leaving 14 nm as they transition to 10 and 7 nm.
This will create huge cost pressure as third tier customers will pay very little.
But I agree GF should survive another year. Not sure I will survive coming layoffs though.

It should last a year but it’s definitely trending in the wrong direction.

For sake of your daughter I would start looking for something else that could provide a bit more stability in the area asap

I am not positive on GF survival chances.