GlobalFoundries Reports Record Sales and Forecasts Even More Amid Semiconductor Shortages

GlobalFoundries Inc. reported record quarterly sales and expects more results Tuesday as the chipmaker continues to benefit from a semiconductor shortage.

Global Foundries GFS,
reported net income of $178 million, or 33 cents a share, on sales of $1.94 billion in the first quarter, compared to $1.42 billion in the same quarter last year. Adjusted earnings, which exclude stock-based compensation expense and other items, were 42 cents per share, compared to an adjusted loss of 25 cents per share in the year-ago period.

Analysts polled by FactSet had forecast earnings of 24 cents a share on sales of $1.9 billion, based on GlobalFoundries’ most recent quarter forecast of 21 to 27 cents a share on sales of 1.88 to $1.92 billion.

Shares gained 3.5% in after-hours trading following the earnings release after gaining 0.9% in the regular session to close at $52.73. Shares closed 12.2% higher than their IPO price of $47 from the company’s October IPO.

Learn more: Five things you should know about GlobalFoundries

The Malta, NY-based company – known for operating fabrication facilities, or “fabs” in technical jargon – manufactures silicon wafers for the majority of chipmakers that do not have their own fabs. Since the COVID-19 pandemic, customer waitlists at third-party providers like GlobalFoundries have been behind for several months due to global chip shortages.

GlobalFoundries is forecasting second-quarter adjusted earnings of 43 to 48 cents a share on sales of $1.96 to $1.99 billion. On average, analysts were forecasting earnings of 27 cents per share on sales of $1.93 billion for the second quarter, according to FactSet. GlobalFoundries Reports Record Sales and Forecasts Even More Amid Semiconductor Shortages

Brian Lowry

InternetCloning is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – The content will be deleted within 24 hours.

Related Articles

Back to top button