GlobalFoundries forecasts Q2 revenue, profit above estimates on chip market recovery [Yahoo! Finance]
GlobalFoundries Inc. (GFS)
Company Research
Source: Yahoo! Finance
Shares of the contract chipmaker rose 4.2% before the bell. The upbeat forecast is the latest positive sign for the industry after earnings of chip firms including NXP Semiconductors and Texas Instruments showed that demand was picking up, aided by orders from the industrial sector. "Pockets of the semiconductor industry" have started to emerge from inventory corrections, GlobalFoundries CEO Thomas Caulfield said in a statement. The company expects revenue in the current quarter to be between $1.59 billion and $1.64 billion, the midpoint of which was higher than the LSEG estimates of $1.59 billion. Its adjusted earnings per share forecast in the range of 24 cents to 34 cents for the second quarter was also above analysts' view of 27 cents. GlobalFoundries — the world's third-largest contract chipmaker — had won $1.5 billion in subsidies from the U.S. government earlier this year, which it plans to use for the construction of a new semiconductor production facility in Malta,
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- GLOBALFOUNDRIES Inc. (NASDAQ: GFS) is now covered by analysts at Jefferies Financial Group Inc.. They set a "buy" rating and a $62.00 price target on the stock.MarketBeat
GFS
Earnings
- 5/7/24 - Beat
GFS
Sec Filings
- 5/7/24 - Form 6-K
- 5/7/24 - Form 6-K
- 4/29/24 - Form 20-F
- GFS's page on the SEC website