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Record revenue of $1.94 billion, up 37% year-over-year.
Record gross margin of 24.2% and adjusted gross margin of 25.3%.
Record operating margin of 11.6% and adjusted operating margin of 14.4%.
Record net income of $178 million and adjusted net income of $232 million.
Record adjusted EBITDA margin of 36.0%.
Cash and cash equivalents of $3.26 billion.
“In the first quarter the GF team delivered on its commitments to customers and shareholders,” said GF CEO Dr. Thomas Caulfield. “We grew revenue 37% year-over-year, delivered record profitability and made significant progress towards our long-term financial model. Despite global supply chain challenges, the GF team continues to execute to plan, and we remain on track to deliver a strong year of growth and profitability.”
Again and again, most semiconductor companies are announcing great quarterly growth Year over Year. No matter how old or how new their fabs are, no matter they have leading edge products or matured products, no matter they have expensive products or cheap products, and no matter they own fabs or have none, they are all enjoying the good time, except Intel.
Intel's revenue decline (-1% non GAAP, -7% GAAP) is a very serious problem deserved more discussion. I'm not sure if their $76 billion 2022 revenue guidance is a reasonable number.
