GLOBALFOUNDRIES (GFS) tops Q2 earnings, revenue expectations

GLOBALFOUNDRIES (NASDAQ: GFS) topped earnings and revenue expectations for the second quarter, it revealed Tuesday.

However, GFS shares dropped at the open Tuesday, currently down more than 2% at $57.93 after initially hitting a low of $55.65 per share.

The company reported Q2 EPS of $0.53, $0.03 better than the analyst estimate of $0.50. Revenue for the quarter came in at $1.85 billion versus the consensus estimate of $1.83 billion.

"In the second quarter, GF delivered financial results at the upper end of the guidance ranges we provided in our May earnings release," said Dr. Thomas Caulfield, president and CEO of GF.

He noted that cyclical headwinds have impacted the industry and said there is "continued macroeconomic uncertainty." However, Caulfield stated that the company was able to diligently manage costs while "driving differentiated solutions to meet our customers' needs across several critical growth markets."

By Sam Boughedda

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