GFS Inventory: GlobalFoundries Beats Q3 Targets

Contract chipmaker GlobalFoundries (GFS) on Tuesday beat Wall Avenue’s targets for the third quarter. It additionally guided a lot increased for income within the present interval. GFS inventory rose in early buying and selling.

X

The Malta, N.Y.-based firm earned an adjusted 67 cents a share on gross sales of $2.07 billion within the September quarter. Analysts polled by FactSet anticipated GlobalFoundries earnings of 62 cents a share on gross sales of $2.05 billion. Within the year-earlier interval, GlobalFoundries earned 7 cents a share on gross sales of $1.7 billion.

For the present quarter, GlobalFoundries forecast adjusted earnings of $1.34 a share on gross sales of $2.08 billion. That is based mostly on the midpoint of its outlook. Wall Avenue had predicted earnings of $1.05 a share on gross sales of $2.086 billion within the fourth quarter.

“Within the third quarter, the GF crew continued to execute on its commitments to clients and shareholders regardless of ongoing macroeconomic and geopolitical challenges,” Chief Govt Thomas Caulfield stated in a information launch.

GFS Inventory Rises After Report

“Our income grew 22% 12 months over 12 months, and we delivered report gross, working, and internet income, making important progress in direction of our long-term monetary mannequin,” Caulfield stated. “We stay on observe to ship a powerful 12 months of development and profitability.”

In premarket buying and selling on the inventory market right now, GFS inventory jumped 6.1% to 59.70.

GFS inventory has been consolidating for the previous 13 weeks at a purchase level of 66.06, in accordance with IBD MarketSmith charts.

Different semiconductor shares shifting on earnings information Tuesday included Diodes (DIOD) and SkyWater Know-how (SKYT), which posted outcomes late Monday.

Diodes delivered roughly in-line third-quarter outcomes and steering. SkyWater posted better-than-expected third-quarter outcomes and outlook. Diodes confirmed no premarket motion, however SkyWater surged 8.3% to 9.36.

Observe Patrick Seitz on Twitter at @IBD_PSeitz for extra tales on client expertise, software program and semiconductor shares.

YOU MAY ALSO LIKE:

Highflying Electronics Manufacturing Service Sanmina Tops Estimates

Video Recreation Writer Take-Two Misses Targets, Guides Decrease

China Covid Outbreak To Restrict Apple iPhone 14 Professional Availability

Study How To Time The Market With IBD’s ETF Market Technique

See Shares On The Checklist Of Leaders Close to A Purchase Level