GlobalFoundries - Making Hay!

[Barnsley]

US Chips Act Beneficiary GlobalFoundries Stock Soars On Q1 Earnings - What's Going On?

"CEO Dr. Thomas Caulfield said, “As pockets of the semiconductor industry begin to emerge from the inventory correction, our teams are driving foundry innovation and differentiation for our customers across their essential end-markets. We are delighted with the awards from both the U.S. Department of Commerce and New York State to expand our manufacturing capability in the United States, which will complement our unique global capacity offering.”

https://finance.yahoo.com/news/us-chips-act-beneficiary-globalfoundries-202804090.html

 

[Daniel Nenni]

The company’s fiscal first-quarter 2024 revenue declined 16% year-on-year to $1.55 billion, beating the analyst consensus estimate of $1.52 billion.
The semiconductor manufacturer’s adjusted EPS of $0.31 beat the analyst consensus estimate of $0.23.
The adjusted gross margin declined by 240 bps to 26.1%, and the adjusted operating margin decreased by 560 bps to 12.1%.
The adjusted EBITDA margin improved by 160 bps Y/Y to 37.2%.
GFS generated $488 million in operating cash flow and held $4.2 billion in cash and equivalents as of March 31, 2024.

Outlook: GFS expects second-quarter revenue of $1.59 billion – $1.64 billion versus the $1.59 billion estimate. The company expects adjusted EPS of $0.24-$0.34 versus the $0.28 estimate.