GlobalFoundries Shares Jumped over 4% Premarket on Bullish Outlook

Tiger Newspress2022-02-09

GlobalFoundries Shares Jumped over 4% in Premarket Trading after Giving Bullish Outlook on Strong Chip Demand.

GlobalFoundries Inc., the biggest U.S.-based provider of outsourced semiconductor manufacturing, gave a bullish forecast for the current quarter, indicating the rush to get chips continues amid industrywide shortages.

Fourth-quarter revenue rose 74% to $1.85 billion. Profit was 18 cents a share, excluding certain items. Analysts, on average, projected $1.81 billion and 9 cents.

Sales will be $1.88 billion to $1.92 billion in the period ending in March, the Malta, New York-based company said in a statement. Profit, excluding certain items, will be 21 to 27 cents a share. Those predictions compare with analysts’ average estimates of $1.84 billion and 14 cents a share.

Chief Executive Officer Tom Caulfield and his counterparts at other chipmakers are trying to convert the demand spike into long-term commitments from customers with the aim of stabilizing their growth and profitability. They also hope to increase capacity by using proposed government incentives to build facilities in the U.S. and Europe.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

  • Handoko
    2022-02-09
    Handoko
    👌🏻
  • Super8
    2022-02-09
    Super8
    great
  • Magus007
    2022-02-09
    Magus007
    $GLOBALFOUNDRIES Inc.(GFS)$🚀🚀🚀🚀🚀🚀🚀
  • wywy
    2022-02-09
    wywy
    I like semiconductor stock. But i believe there are better buy than GF. Always go for the leaders. They can weather the storm better.
  • AndrewL
    2022-02-09
    AndrewL
    Nice
  • Wolala
    2022-02-09
    Wolala
    K
Leave a comment
12