GlobalFoundries Reports Strong Q3 Results

MALTA, N.Y. – GlobalFoundries Inc. (NASDAQ: GFS) reported better-than-expected third quarter results that caused its shares to soar 7% in premarket trading on Tuesday.

The semiconductor manufacturer posted adjusted earnings per share of $0.41, beating analyst estimates of $0.33. The revenue for the quarter was $1.74 billion, slightly exceeding the consensus forecast of $1.73 billion, but down 6% YoY.

GlobalFoundries' robust performance was attributed to consistent execution and key design wins across its chip technology portfolio. The company announced a new collaboration with NXP Semiconductors (NASDAQ:NXPI), utilizing its 22FDX process technology platform.

CEO Dr. Thomas Caulfield stated, "We delivered consistent financial results at the upper end of the guidance ranges we provided in our August earnings release." He noted that the company is on track to achieve approximately a threefold increase in Year-over-Year adjusted free cash flow generation by the end of 2024.

For the fourth quarter, GlobalFoundries provided an optimistic outlook, expecting revenue between $1.8 billion and $1.85 billion, compared to an analyst estimate of $1.804 billion. Adjusted earnings per share are projected to be between $0.29 and $0.43, compared to the consensus of $0.38.

These strong results and positive guidance reflect GlobalFoundries' resilience amid ongoing industry uncertainties. With $4.3 billion in cash and marketable securities, the company appears well-positioned to navigate near-term challenges while investing in future growth opportunities.

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