Semiconductor giant GE Core responds to recruitment freeze and layoffs: selective reduction of staff

CTOnews.com, November 15, according to the Economic Observer Network, GlobalFoundries, a global semiconductor wafer foundry, responded to the rumors of "hiring freeze and layoffs" that it was starting a recruitment freeze and taking a series of targeted actions to selectively reduce the number of employees.

According to the data, GE core employs about 15000 people worldwide, and its business in China accounts for about 10 per cent of the world. There are currently no semiconductor production facilities in China.

According to a previous report by Bloomberg, GE Core announced layoffs and hiring freezes on November 11 local time, but did not disclose the exact timing of layoffs or which departments would be affected. Earlier, GE Core said on the earnings call that the company was working on a plan to reduce annual operating expenses by $200 million.

The company reported third-quarter revenue of $2.1 billion (about 15.204 billion yuan), up 22% from a year earlier, and net income of $336 million (about 2.433 billion yuan).

CTOnews.com learned that Thomas Caulfield, chief executive of GE Core, said of the third-quarter financial figures that the company had "achieved record gross profit, operating profit and net profit" and that "we are still on track to achieve strong growth and profitability this year."