GlobalFoundries Shares Dip Despite Q3 Earnings Beat and Solid Guidance

Core Insights - GlobalFoundries Inc. reported quarterly earnings that exceeded analyst expectations, driven by strong performance in its automotive and communications infrastructure sectors [1][2] Financial Performance - The company posted adjusted earnings per share of $0.41 for Q3, surpassing the consensus forecast of $0.38 [2] - Revenue for the third quarter was $1.69 billion, slightly above the expected $1.68 billion, but down 3% year-over-year from $1.74 billion [2] Future Projections - For Q4, GlobalFoundries projected revenue between $1.775 billion and $1.825 billion, aligning with Wall Street expectations of $1.79 billion [3] - The company forecast adjusted earnings per share in the range of $0.42 to $0.52, compared to consensus estimates of $0.47 [3]