GlobalFoundries’ Earnings Beat Expectations. The Chip Maker’s Stock Is Rising.

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.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Pfizer Covid Vaccine Partner BioNTech's Stock Is Rising After Earnings BeatShares have dropped 36% this year as demand for its coronavirus inoculations has fallen.
Source: MarketWatch - 🏆 3. / 97 Read more »

Uber notches earnings beat but comes up short on the top lineEmily Bary is a MarketWatch news editor based in New York.
Source: MarketWatch - 🏆 3. / 97 Read more »

Uber Q3 Earnings: Top-Line Growth, Profitability Could Propel Stock to New HighsStocks Analysis by Investing.com (Damian Nowiszewski) covering: Uber Technologies Inc, LYFT Inc. Read Investing.com (Damian Nowiszewski)'s latest article on Investing.com
Source: Investingcom - 🏆 450. / 53 Read more »

D.R. Horton Stock Jumps as Housing Bellwether Beats on Earnings, Hikes DividendThe big residential home builder reports earnings and revenue ahead of analysts' expectations and raises its quarterly dividend to 30 cents a share.
Source: MarketWatch - 🏆 3. / 97 Read more »

Datadog’s stock rockets as earnings, forecast blow past estimatesEmily Bary is a MarketWatch news editor based in New York.
Source: MarketWatch - 🏆 3. / 97 Read more »

Dish Stock Slides After Earnings, Revenue Miss. There’s Deal News Too.Dish posted a surprise third-quarter loss. The group is also selling its Puerto Rico and U.S. Virgin Islands assets.
Source: MarketWatch - 🏆 3. / 97 Read more »