GlobalFoundries (GFS) rises after topping earnings expectations

GlobalFoundries (NASDAQ: GFS) shares jumped over 5% Tuesday on the back of its latest earnings report, which saw its profit beat analyst consensus expectations.

The semiconductor company reported Q3 EPS of $0.55, $0.05 better than the analyst estimate of $0.50. Revenue for the quarter came in at $1.85 billion, in line with the consensus estimate of $1.85 billion.

While the business noted the uncertain global economic and geopolitical landscape, it said the company was able to deliver third-quarter results at the upper end of its guidance ranges.

"We are collaborating closely with our customers to support their efforts to reduce inventory levels while growing long-term partnerships to drive foundry innovation and differentiation across essential end-markets," said GFS CEO Dr. Thomas Caulfield.

Looking ahead, the company sees adjusted Q4 2023 EPS between $0.53 and $0.64, versus the consensus of $0.52, with revenue for the period between $1.825 billion and $1.875 billion, versus the consensus of $1.89 billion.

By Sam Boughedda

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