“During Q2, we completed the majority of the actions needed to achieve our year-end target of 75,000 employees.”

In context

“r AI strategy. First, on organization and culture. Over the last 3 months, I have completed a systematic review of every organization and function reporting to the CEO. These reviews included detailed analysis of head count, skill sets, spending, site distribution, executive population and restructuring plans. We have much work to do in building a clean and streamlined organization, which we have started in earnest and has remained an area of focus for me during Q3. Our goal is to reduce inefficiencies and redundancies and increase accountability at every level of the company. As mentioned in our Q1 earnings call, we need to rightsize and scale back the company while ensuring that we are retaining our best internal talent and hiring the best external talent from industry and universities. During Q2, we completed the majority of the actions needed to achieve our year-end target of 75,000 employees. These were hard but necessary decisions, and we reduced management layers by approximately 50% in the process. We are on track to implement our return-to-office mandate starting September. These actions are necessary not just to reduce our operating expenses, but to make the company more agile, collaborative and vibrant to simplify our business and improve our product and process execution. Next, on our foundry strategy. I continue to believe that our heritage and expertise in semiconductor technology development and manufacturing remains a very valuable and vital asset. I also fully appreciate the strategic importance of the U.S.-domiciled semiconductor manufacturing. Transforming this unique asset into a robust foundry business requires us to take a systematic approach and act from the”