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Chipmaker GlobalFoundries to Start Job Cuts and Freeze Hiring

  • Company informed workers Friday of plans to eliminate staffers
  • GlobalFoundries recently gave bullish revenue forecast
A silicon wafer at the Globalfoundries Inc. semiconductor plant in Dresden, Germany. 

A silicon wafer at the Globalfoundries Inc. semiconductor plant in Dresden, Germany. 

Photographer: Liesa Johannssen-Koppitz/Bloomberg

GlobalFoundries Inc., the biggest US-based provider of made-to-order semiconductors, is beginning job cuts and has enacted a hiring freeze.

The company Friday informed its employees of the impending workforce reductions, without disclosing when exactly they would occur or which divisions would be affected. The chipmaker said Tuesday during an earnings call that it was working on initiatives to lower its operating expenses by $200 million annually.