GlobalFoundries stock was rising early Tuesday after the contract chip manufacturer beat expectations for its third-quarter earnings.
GlobalFoundries produces components for a range of semiconductor companies and said it continues to deal with excess inventory in some markets but its guidance indicated a market improvement. 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.
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’ estimates.“Although 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,” CEO Thomas Caulfield said in a statement.
GlobalFoundries said it expects adjusted earnings of between 53 cents and 64 cents for the fourth quarter on revenue in a range of $1.83 billion to $1.88 billion. Analysts had expected earnings of 53 cents and revenue of $1.89 billion, according to FactSet.
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