Stock Track | GLOBALFOUNDRIES Plummets 5.13% in Intraday Trading Amid Semiconductor Sector Weakness and Profit-Taking

Stock Track05-12

GLOBALFOUNDRIES Inc. (GFS) saw its stock price decline by 5.13% during intraday trading on Tuesday, marking a significant reversal from recent gains.

The decline comes as the broader semiconductor sector experienced significant selling pressure, with major players like Qualcomm, Intel, and Micron also facing declines. GLOBALFOUNDRIES appears to be giving back gains from its recent earnings-driven rally amid this sector-wide weakness.

The company had recently reported strong Q1 results, beating earnings expectations with non-IFRS EPS of $0.40 versus $0.35 expected, and revenue of $1.63 billion that included a 32% year-over-year surge in data center revenue. This positive earnings report had driven the stock higher just days before the current decline.

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