GlobalFoundries projects profit above estimates in positive sign for chip market

© Reuters. FILE PHOTO: A screen displays the company logo for semiconductor and chipmaker GlobalFoundries Inc. during the company's IPO at the Nasdaq MarketSite in Times Square in New York City, U.S., October 28, 2021. REUTERS/Brendan McDermid/File Photo) forecast fourth-quarter profit above analysts' estimates on Tuesday, providing the latest sign that a supply glut in the semiconductor industry was easing.

The forecast feeds into recent signals that the slump in the industry may have bottomed out as customers such as electronics makers rebuild inventory after several quarters of clearing excess stock caused by a sudden post-pandemic demand drop.) have indicated that a recovery is afoot in the personal computer market, a key source of revenue for semiconductor makers.

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GlobalFoundries’ Earnings Beat Expectations. The Chip Maker’s Stock Is Rising.The company's stock was rising early Tuesday after the its third-quarter report impressed.
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