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STMicroelectronics Considers Job Cuts in France and Italy Amid Restructuring

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STMicroelectronics, the French-Italian semiconductor company, is reportedly planning to reduce its workforce by up to 3,000 jobs, or approximately 6% of its employees, across its French and Italian plants. This move is part of a broader restructuring initiative aimed at cost reduction, as reported by Bloomberg News. While the company did not confirm the exact number of job cuts, CEO Jean-Marc Chery mentioned during the company’s fourth-quarter earnings call that talks with unions would begin regarding voluntary headcount reductions, as part of a $300 million cost-saving program.

Union leaders have raised concerns, with FIOM CGIL union officials in both Brianza and Catania, where STMicroelectronics operates plants, seeking reassurance from the Italian government on maintaining current job levels and ensuring new investments and hiring. The company recently introduced an early retirement program, offering one position for every three workers retiring.

Despite these concerns, the company is continuing to receive significant support, including a €2 billion grant from the Italian government for building a new microchip plant that will create 3,000 jobs.

 

Wolfspeed Exceeds Q2 Revenue Expectations Amid Operational Shifts

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Wolfspeed (WOLF.N) outperformed Wall Street expectations for second-quarter revenue and reported a smaller-than-anticipated net loss, demonstrating progress as the company implements changes to enhance profitability.

In the first quarter of 2025, Wolfspeed shut down some facilities and transitioned its device business to a 200-millimeter silicon carbide fab. This move aims to improve product efficiency and increase production capacity, especially in response to the growing demand for chips utilizing silicon carbide technology. These chips are critical for high-power applications such as electric vehicle powertrains, e-mobility, renewable energy systems, battery storage, and AI data centers.

For Q2, Wolfspeed reported revenue of $180.5 million, slightly exceeding the average analyst estimate of $179.9 million. The company’s net loss per share was 95 cents, better than the expected loss of $1.02 per share. The Mohawk Valley Fab facility contributed around $52 million in revenue.

Despite weak demand from automotive clients, Wolfspeed made leadership changes in November, replacing CEO Gregg Lowe with Thomas Werner, who took on the role of executive chairman as the company searches for a permanent CEO.

Looking ahead, Wolfspeed projects third-quarter revenue from continuing operations to range from $170 million to $200 million, with the midpoint falling short of analysts’ expectations of $193.6 million. The company anticipates an adjusted quarterly loss per share between 88 cents and 76 cents, compared to estimates of a loss of 86 cents. It also expects restructuring-related costs of $72 million for the third quarter.

 

Ubisoft Delays ‘Assassin’s Creed Shadows’ Release Again

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Ubisoft has announced a further delay in the release of Assassin’s Creed Shadows, pushing the launch from February 14 to March 20. This marks the second delay for the highly anticipated game in the Assassin’s Creed series, with the original release date being set for November before being postponed in September.

The additional month will allow the development team more time to incorporate player feedback from the previous months, aiming to refine the game further before its official release. Ubisoft has highlighted that the feedback from the Assassin’s Creed community has been increasingly positive, and the extended time will help to ensure the best possible launch conditions.

This delay adds to Ubisoft’s recent struggles, which include a disappointing reception for Star Wars Outlaws, released in August 2024, that did not meet sales expectations. As a result, Ubisoft’s shares have halved in value over the past year.

Additionally, Ubisoft revealed plans for significant restructuring after a strategic review, including appointing advisers to explore options for improving stakeholder value. The company aims to reduce its fixed cost base by more than €200 million by FY2025-26 and take a more selective approach to investments.

For the third quarter, Ubisoft forecasts net bookings around €300 million, a significant drop from earlier projections due to weak holiday sales and the discontinuation of XDefiant.