MALTA, N.Y., April 22, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries (NASDAQ:GFS) (GF) is furthering its commitment to sustainable operations and fighting climate change with the announcement of two new long-term goals to achieve net-zero greenhouse gas (GHG) emissions and 100% carbon-neutral power by 2050. The new 2050 goals are aligned with Paris Agreement goals, and build upon GF's Journey to Zero Carbon pledge in 2021 to reduce its greenhouse gas emissions by 25% from 2020 to 2030, even as the company contin ...

MALTA, N.Y., April 05, 2024 (GLOBE NEWSWIRE) --  GlobalFoundries (NASDAQ:GFS) today announced that it will host a conference call on Tuesday, May 7, 2024, at 8:30 a.m. ET following the release of the company's first quarter 2024 financial results. Conference Call and Webcast Information The company will host a conference call with the financial community on Tuesday, May 7, 2024, at 8:30 a.m. ET. Interested parties may join the scheduled conference call by registering here. The company's financial results an ...

When I last wrote about GlobalFoundries ((GFS) in early July, as shares were trading near $65, I summed up that this "US-based Semi fabricator fights to draw new business in a global nanometer AI-chip war."Well after their Q4 report two weeks ago, the story has not improved, with continued year-over-year declines in sales and profits and weaker guidance for both that has dropped the stock back into the cellar of the Zacks Rank.My July article gives a good overview of where GlobalFoundries fits in the semico ...

About this content About William Farrington William kickstarted his career as a researcher and reporter for a global legal publication, covering everything from public law to M&A. Before moving to Proactive Investors, he worked as a reporter for a major fintech company with a focus on cryptocurrency and blockchain technology. Harking from Queensland, Australia, William obtained first-class honours in journalism and media from Birkbeck University before going on to complete an MA in creative and critical ...

Globalfoundries Inc (NASDAQ:GFS) closed at $53.38, marking a significant pre-market surge of $3.88. Pre-market trading tends to exhibit heightened volatility due to lower trading volume outside standard hours. US govt grant of $1.5 billion to GlobalfoundriesCopy link to sectionThe recent news of the U.S. government awarding a $1.5 billion grant to GlobalFoundaries to bolster semiconductor production and fortify the supply chain in the U.S. has impacted the stock’s trajectory. In addition to the sizable gran ...

GlobalFoundries Fab 9 in Essex Junction, VermontGlobalFoundriesThe announcement of a preliminary memorandum to provide approximately $1.5 billion in direct funding under the CHIPS and Science Act to GlobalFoundries (GF) signals an investment in critical domestic capabilities around mixed signal and analog technology, a branch of the semiconductor industry that gets far less attention than it deserves. While the majority of the funding will contribute towards the expansion of GF’s facilities in Malta, NY, so ...

$1.5 billion potential investment will support the expansion of GlobalFoundries New York facility, including construction of a new state-of-the art fab, and the modernization of its Vermont facility, adding secure capacity for essential chip manufacturing for automotive and other key markets Additional $600 million plus planned in New York State Green CHIPS and other State benefits over the 10-year term of the New York projects MALTA, N.Y. and ESSEX JUNCTION, Vt., Feb. 19, 2024 (GLOBE NEWSWIRE) -- The U.S. ...

GlobalFoundries (GFS) has delivered adjusted earnings of 64 cents per share in fourth-quarter 2023, beating the Zacks Consensus Estimate by 8.5%. However, the bottom line declined 56% on a year-over-year basis.Revenues of $1.85 million topped the Zacks Consensus Estimate by 0.2%. However, the top line dipped 12% year over year.Weakness across the smart mobile devices, communications infrastructure and datacenter, home and industrial IoT, and personal computing end-markets was a major concern.Wafer shipments ...

Financial Data and Key Metrics Changes - Fourth quarter revenue increased sequentially to approximately $1.854 billion, a decline of 12% year-over-year [73] - Adjusted gross margin for the quarter was 29%, at the upper end of the guidance range [45] - Full year revenue for 2023 was approximately $7.4 billion, down 9% year-over-year [53] - Full year net income was approximately $1.3 billion, with diluted earnings per share of $2.24 [81] - Free cash flow for the fourth quarter was $456 million, marking the third consecutive quarter of positive free cash flow [65] Business Line Data and Key Metrics Changes - Smart mobile devices represented approximately 41% of total revenue for the fourth quarter, with a revenue decline of about 7% year-over-year [74] - Automotive revenue grew approximately 180% year-over-year, exceeding $1 billion in 2023, representing about 14% of total revenue [56] - Communications infrastructure and data center revenue declined 39% year-over-year, accounting for approximately 12% of total revenue [95] - Home and industrial IoT revenue represented approximately 19% of total revenue, declining 6% year-over-year [75] Market Data and Key Metrics Changes - The smartphone market saw elevated inventory levels, impacting demand and shipments [48] - Automotive market revenue is expected to continue growing in 2024, driven by diverse applications [94] - The communications infrastructure segment showed weakness due to prolonged inventory digestion [50] Company Strategy and Development Direction - The company is focusing on diversifying its manufacturing footprint and enhancing technology transfers to meet customer demands [69] - Continued investment in automotive and smart mobile device segments is a priority, with a focus on high-performance RF technologies [68] - The company aims to maintain a stable pricing environment through long-term agreements, with approximately two-thirds of revenue coming from sole-source agreements [128] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2024, anticipating inventory corrections and improved demand dynamics [64] - The ongoing high interest rate environment has led to a prolonged downturn, but inventory levels are beginning to improve [62] - The company expects to generate free cash flow in 2024 that is two to three times the total for 2023 [134] Other Important Information - The company expects CapEx for 2024 to be approximately $700 million, aligning with a disciplined, demand-driven philosophy [36] - The company has a healthy cash position of $3.9 billion and an undrawn $1 billion revolving credit facility [100] Q&A Session Summary Question: How does the profile of the business shape up through 2024? - Management noted that while 2023 saw a 9% decline year-over-year, they expect inventory corrections in 2024 to lead to improved demand dynamics [108] Question: What are the expectations for Q1 sales by end market? - Management indicated that automotive and smart mobile devices are expected to perform better than the average decline, with growth anticipated in both segments [123] Question: What is the impact of the termination of a supplier agreement with a large RF customer? - Management characterized the termination as a technicality and emphasized that it does not indicate a loss of business, as they continue to work with customers to balance supply and demand [113]

GlobalFoundries Inc. (GFS) reported $1.85 billion in revenue for the quarter ended December 2023, representing a year-over-year decline of 11.8%. EPS of $0.64 for the same period compares to $1.44 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $1.85 billion, representing a surprise of +0.21%. The company delivered an EPS surprise of +8.47%, with the consensus EPS estimate being $0.59.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings ...