Starting next week, submitting Obituaries, In Memoriams or Cards of Thanks for our publications and online becomes easier! Simply visit - GlobalFoundries 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. Its adjusted earnings per share forecast in the range of 24 cents to 34 cents for the second quarter was also above analysts' view of 27 cents.
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.
For the first quarter, the company reported revenue of $1.55 billion, which was higher than expectations of $1.52 billion. Its adjusted profit per share of 31 cents also beat estimates.It has been our privilege to have the trust and support of our East Coast communities for the last 200 years. Our SaltWire team is always watching out for the place we call home.