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Nov 05, 2024Recent annual earnings:
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The U.S. Commerce Department said Wednesday it has finalized a $1.5 billion government subsidy for GlobalFoundries to expand semiconductor production in Malta, New York and Vermont.
The beaten-down semiconductor company's earnings were better than the market feared.
GlobalFoundries Inc. (GFS) came out with quarterly earnings of $0.41 per share, beating the Zacks Consensus Estimate of $0.33 per share. This compares to earnings of $0.55 per share a year ago.
World's third-largest contract chipmaker, GlobalFoundries , forecast fourth-quarter revenue above Wall Street estimates on Tuesday, driven by recovering semiconductor demand from smartphone makers, sending shares up nearly 10% in premarket trading.
MALTA, N.Y., Nov. 05, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries Inc. (GF) (Nasdaq: GFS) today announced preliminary financial results for the third quarter ended September 30, 2024.
Tom Caulfield, GlobalFoundaries CEO, joins CNBC's 'Money Movers' to discuss the company's earnings beat, where the company sees growth going forward, and more.
GlobalFoundries, Inc. (NASDAQ:GFS ) Q3 2024 Earnings Conference Call November 5, 2024 8:30 AM ET Company Participants Sam Franklin - VP, Business Finance & IR Thomas Caulfield - CEO John Hollister - CFO Niels Anderskouv - CBO Conference Call Participants Ross Seymore - Deutsche Bank Krish Sankar - TD Cowen Chris Caso - Wolfe Research Mehdi Hosseini - Susquehanna International Group Mark Lipacis - Evercore ISI Harlan Sur - J.P. Morgan Saad Khan - Bank of America Securities Operator Good day and thank you for standing by.
The United States has imposed a $500,000 mitigated penalty against GlobalFoundries for shipping chips to a Chinese company without seeking authorization, the Department of Commerce said on Friday.
GlobalFoundries faces growth challenges due to weak demand in key segments, but Smart Mobile Devices show signs of recovery with forecasted 4% increase in smartphone shipments. The Communications Infrastructure & Datacenter segment struggles with competitiveness as customers shift to advanced nodes, impacting GlobalFoundries' market position. Home and Industrial IoT segments are expected to see slow recovery as customer inventories normalize and industrial production growth shows modest improvement.
Shares of GlobalFoundries (GFS, Financial) saw a modest increase of 1.98% recently, yet concerns linger due to earlier declines attributed to sector-wide geopolitical and economic challenges. Despite this small uptick, GlobalFoundries has struggled to mirror the recovery observed in other semiconductor stocks.
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