I don't have any information to confirm this, but judging by the financial results, I think doom and gloom is coming. I doubt that there is anyone here who does not think that additional headcount reductions will come soon... Unfortunately.
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Why would people stay unless they need to stay in a certain location for their family? There are still many jobs out there, GF folks in many cases have strong skills and many are working at a much lower level inside GF than they would be at other companies. Everyone should at least put together a resume and apply at different places and interview where interested, then they can evaluate offers vs. current GF situation. As a minimum everyone should do this and open doors for themselves, whether they make a change or not each person will have to decide for themselves, it is all about having options and not letting GF dictate the rules of the game. If GF really wants to keep you then they will match or exceed any offer!!
Record profits and revenue!! So good in fact, we are laying off and delaying your raises! Keep up the good work team!
Honestly everyone should. If it’s not clear what’s really going on then you deserve to be laid off. Prepare update resume and start applying its time to bail
GF days are over I think. I am not going to wait for my layoff. Already looking around. Better get out soon.
Such great results for Q4 and a positive outlook from GF yet raises are postponed? Good job everyone!
Yes, more cuts will have to come if GF wants to meet its financial targets or near 40% gross margins. So, let's look at the 2022 numbers and then project what will happen in 2023. In 2022 revenue was near $8.1B with "adjusted" gross margin of 28.4%, in terms of dollars gross margins were near $2.3B. Now in 2023 the projection is revenue will best case come in near 2022 numbers at $8.1B. If GF needs to get to 40% gross margins that would be $3.2B. This means in 2023 GF would need to slash $900M in costs to reach the 40% gross margins. I believe the Dec 2022 layoff was around 6% of the 15K workforce which is around 900 headcounts. If we assume on avg the salary was $100K for those folks let go, some operators, some engineers, some execs, 900 * $100K gets you to $90M only. Then of course putting 12FDX and 28BCDL on hold that will save upwards of $50M-$100M range in wafer starts etc .... So, the question is what will GF slash next to move from 28.4% gross margins closer to 40%?? Unless they find a way to increase revenue and slash costs more, they will never meet the financial objectives and Wall Street will see they are not competitive with their competition and will ding the stock price significantly. The days of TC and DR feeding Wall Street low projects and then meeting them in a high demand economy are over, supply now exceeds demand, and this will only get worse as the 20+ new fabs come online into 2024 and 2025. GF is in a very tough position and the road will only get even more bumpy moving into the future. Eventually over the next year or two the cuts in investments like pausing 12FDX and 28BCDL for example will also come back and hurt GF. The downward spiral is near for GF, each person will have to make a decision whether they think the plane's downward spiral will crash and burn and folks should get out or whether the execs can pull the plane out of the downward spiral and bring it back to smooth flying again. If folks sit around blindly and do nothing they might end in the next layoff!!
3 months pay without having to swipe a badge at GF followed up by at $47k severance check in March will more than make up for any inconvenience, trust me 😉 Have fun at the he-l hole
I’m among double employed. Life is good. Oh yeah, bonuses next week! GF giving me that Smart Money and I don’t have to step foot in that hellhole. Enjoy worrying about the next round, bald headed a-hole! 🤣🤣
Whatever residual dignity the “double employed” whiner had was just thrown out the window with his “I’ll tell HR that you defend Global and make fun of me when I trash everyone else” statement.
Cowardly.
Whatever you say tough guy. Some pu-k who melts down and spends the evening down voting comments really isn't that intimidating. If you only spent the same amount of time trying to find a job. Take your meds and seethe you bada-s.
Fu-k @oto. It might be time to have a little chat with him or send his HR friends on anonymous tip. But you are right cuts are coming. Weird the pending Dresden cuts already scheduled weren’t discussed or glossed over. But yes despite this “good” news on the back of those laid off it feels like more is coming.
I don't have any information to confirm this, but you're full of sh-t. Go find a job you worthless failure.