GlobalFoundries 1Q Sales Top Estimates Despite Steep Decline

Dow Jones05-07

By Denny Jacob

GlobalFoundries posted a decline in revenue in its latest quarter but results came in ahead of Wall Street's estimates.

The chip maker logged net income of $134 million, or 24 cents a share, for the first quarter ended March 31, down from $254 million, or 46 cents a share, a year earlier. Adjusted earnings were 31 cents a share, above analysts' estimates of 23 cents a share.

Revenue declined 16% to $1.55 billion from $1.84 billion. Analysts polled by FactSet expected $1.52 billion.

"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," said Chief Executive Thomas Caulfield.

For the second quarter, GlobalFoundries forecast revenue between $1.59 billion and $1.64 billion as well as adjusted earnings per-share in the range of 24 cents and 34 cents. Analysts polled by FactSet expected $1.58 billion in revenue and 29 cents a share on an adjusted basis.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

May 07, 2024 07:36 ET (11:36 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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