TECH - US Chips Act Beneficiary GlobalFoundries Stock Soars On Q1 Earnings - What's Going On? | Benzinga
GlobalFoundries Inc (NASDAQ:GFS) stock gained after it reported its quarterly earnings Tuesday.
The company’s fiscal first-quarter 2024 revenue declined 16% year-on-year to $1.55 billion, beating the analyst consensus estimate of $1.52 billion.
The semiconductor manufacturer’s adjusted EPS of $0.31 beat the analyst consensus estimate of $0.23.
The adjusted gross margin declined by 240 bps to 26.1%, and the adjusted operating margin decreased by 560 bps to 12.1%.
The adjusted EBITDA margin improved by 160 bps Y/Y to 37.2%.
GFS generated $488 million in operating cash flow and held $4.2 billion in ...