GlobalFoundries reported solid second-quarter results, but a mixed outlook for the current quarter failed to impress investors.
The contract chip manufacturer reported adjusted earnings of 38 cents per share for its second quarter, surpassing estimates of 29 cents a share, according to FactSet.
Revenue of $1.63 billion fell 12% from a year ago, but still exceeded estimates of $1.61 billion.
Investors, though, are always looking forward, and the forecast didn't have much to offer. For the current third quarter, GlobalFoundries said it expects adjusted earnings of 28 cents to 38 cents per share. The midpoint of that range falls below Wall Street's expectation of 35 cents.
Sales are estimated to be between $1.7 billion and $1.75 billion for the third quarter, with the midpoint falling in line with Wall Street's estimate of $1.72 billion.
The stock was down 0.2% in premarket trading Tuesday.
