{"id":10823,"date":"2023-11-07T22:53:30","date_gmt":"2023-11-07T22:53:30","guid":{"rendered":"https:\/\/infundpros.com\/markets\/globalfoundries-stock-rises-after-the-chip-maker-reports-better-than-expected-earnings\/"},"modified":"2023-11-07T22:53:31","modified_gmt":"2023-11-07T22:53:31","slug":"globalfoundries-stock-rises-after-the-chip-maker-reports-better-than-expected-earnings","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=10823","title":{"rendered":"GlobalFoundries Stock Rises After the Chip Maker Reports Better-Than-Expected Earnings"},"content":{"rendered":"
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GlobalFoundries\u00a0stock was rising early Tuesday after the contract chip manufacturer beat expectations for its third-quarter earnings. <\/p>\n

\n GlobalFoundries
\n (ticker: GFS) produces components for a range of semiconductor companies. The company said it continues to deal with excess inventory in some markets but its guidance indicated a market improvement.\u00a0<\/p>\n

\n

The company reported adjusted earnings of 55 cents a share for the third quarter, down from 67 cents for the same period a year earlier. Net revenue fell 11% to $1.85 billion.\u00a0\u00a0<\/p>\n

GlobalFoundries was expected to report adjusted earnings of 50 cents a share on revenue of $1.85 billion, according to a FactSet poll of analysts\u2019 estimates.\u00a0<\/p>\n

GlobalFoundries stock was up 5.8% in early trading. The rise takes the stock just into positive territory this year so far as semiconductor stocks have been hit by concerns over the global economy and a glut of chips in certain sectors such as PCs, mobile phones, and consumer-electronics products. <\/p>\n

American depositary receipts of
\n Taiwan Semiconductor Manufacturing
\n (TSM), the world\u2019s biggest contract-chip maker, were down 0.7%. <\/p>\n

\u201cAlthough the global economic and geopolitical landscape remains uncertain, we are collaborating closely with our customers to support their efforts to reduce inventory levels, while growing long-term partnerships,\u201d CEO Thomas Caulfield said in a statement.\u00a0<\/p>\n

GlobalFoundries expects fourth-quarter adjusted earnings of 53 cents to 64 cents on revenue of $1.83 billion to $1.88 billion. Analysts had expected earnings of 53 cents a share on revenue of $1.89 billion, according to FactSet.<\/p>\n

Write to Adam Clark at adam.clark@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

GlobalFoundries\u00a0stock was rising early Tuesday after the contract chip manufacturer beat expectations for its third-quarter earnings. GlobalFoundries (ticker: GFS) produces components for…<\/p>\n","protected":false},"author":1,"featured_media":10824,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":{"0":"post-10823","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets"},"yoast_head":"\nGlobalFoundries Stock Rises After the Chip Maker Reports Better-Than-Expected Earnings | inFundPros<\/title>\n<meta name=\"description\" content=\"GlobalFoundries\u00a0stock was rising early Tuesday after the contract chip manufacturer beat expectations for its third-quarter earnings. 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