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Investing.com -- GlobalFoundries Inc. reported better-than-expected first quarter earnings and revenue on Tuesday, sending shares up 2% in early trading.
The semiconductor manufacturer posted adjusted earnings per share of $0.34, surpassing analyst estimates of $0.29. Revenue came in at $1.59 billion, slightly above the consensus forecast of $1.58 billion and up 2% YoY.
"In the first quarter, the GF team delivered strong financial results at the high end of the Non-IFRS guidance ranges for revenue, gross margin, and earnings per share," said CEO Tim Breen.
The company’s automotive, communications infrastructure and datacenter, and home and industrial IoT end markets all grew YoY in Q1, demonstrating momentum in critical applications.
Gross margin was 23.9% on a non-IFRS basis, down from 26.1% in the year-ago quarter but at the high end of guidance.
For Q2, GlobalFoundries (NASDAQ:GFS) expects revenue of around $1.675 billion and adjusted EPS of around $0.36.