Semiconductor manufacturer GlobalFoundries Inc. GFS reported revenue and earnings that topped expectations Tuesday morning. The company generated fourth-quarter net income of $668 million, or $1.21 a share, compared with $43 million, or 8 cents a share, in the year-earlier period. On an adjusted basis, GlobalFoundries earned $1.44 a share, up from 18 cents a share a year before and ahead of the FactSet consensus, which was for $1.33 a share. Revenue increased to $2.10 billion from $1.
The company generated fourth-quarter net income of $668 million, or $1.21 a share, compared with $43 million, or 8 cents a share, in the year-earlier period. On an adjusted basis, GlobalFoundries earned $1.44 a share, up from 18 cents a share a year before and ahead of the FactSet consensus, which was for $1.33 a share. Revenue increased to $2.10 billion from $1.85 billion, while analysts were modeling $2.07 billion.