GlobalFoundries forecasts Q2 revenue, profit above estimates on chip market recovery

A view of the clean room in U.S. chipmaker GlobalFoundries' new fabrication plant in Singapore September 12, 2023. REUTERS/Edgar Su/File PhotoGlobalFoundries forecast second-quarter revenue above Wall Street estimates on Tuesday, betting on improving demand for semiconductors after a years-long slump that was caused by surplus inventory at its customers.

The company expects revenue in the current quarter to be between $1.59 billion and $1.64 billion, the midpoint of which was higher than the LSEG estimates of $1.59 billion. GlobalFoundries — the world's third-largest contract chipmaker — had won $1.5 billion in subsidies from the U.S. government earlier this year, which it plans to use for the construction of a new semiconductor production facility in Malta, New York and expand existing operations there and in Burlington, Vermont.

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