MALTA, N.Y. (NEWS10) — GlobalFoundries is cutting jobs and initiating a hiring freeze despite a 22 percent increase in revenue in the third quarter this year compared to last year.

The company recently announced a $4.2 billion partnership with Qualcomm after the passage of the CHIPS Act. The company is also planning to expand its headquarters in Malta.

A spokesperson said GlobaFoundries is taking a proactive approach to contain costs because of the current economic environment.