MALTA, N.Y., Nov. 05, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries Inc. (GF) (Nasdaq: GFS) today announced preliminary financial results for the third quarter ended September 30, 2024. Key Third Quarter Financial Highlights Revenue of $1.739 billionGross margin of 23.8% and Non-IFRS gross margin(1) of 24.7%Operating margin of 10.6% and Non-IFRS operating margin(1) of 13.6%Net income of $178 million and Non-IFRS net income(1) of $229 millionNon-IFRS adjusted EBITDA(1) of $627 millionCash, cash equivalents and ma ...

In our previous coverage of GlobalFoundries Inc. (NASDAQ: GFS ), we highlighted the company's expansion plans which are expected to boost supply growth by 20% in 2023. However, we also noted that weak demand in the smartphone and PC markets, which Khaveen Investments is a Macroquantamental Hedge Fund managing a portfolio of globally diversified investments. With a vested interest in hundreds of investments spanning diverse asset classes, countries, sectors, and industries, we wield a multifaceted investment ...

MALTA, N.Y., Oct. 07, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries (NASDAQ: GFS) today announced that it will host a conference call on Tuesday, November 5, 2024, at 8:30 a.m. ET following the release of the company's third quarter 2024 financial results. Conference Call and Webcast Information The company will host a conference call with the financial community on Tuesday, November 5, 2024, at 8:30 a.m. ET. Interested parties may join the scheduled conference call by registering here. The company's financial r ...

Shares of GlobalFoundries (GFS, Financial) saw a modest increase of 1.98% recently, yet concerns linger due to earlier declines attributed to sector-wide geopolitical and economic challenges. Despite this small uptick, GlobalFoundries has struggled to mirror the recovery observed in other semiconductor stocks. Throughout 2024, GlobalFoundries (GFS, Financial) has experienced significant volatility, with negative returns in six out of nine months leading to a cumulative 36% decrease in stock value. This perf ...

Is GlobalFoundries falling behind in the semiconductor race? Find out how broader market trends are affecting this company and its stock. Shares of GlobalFoundries (GFS 1.80%) fell 13.8% in September 2024, according to data from S&P Global Market Intelligence. The chip sector as a whole took a haircut in the first week of September due to geopolitical and economy concerns. Most of the price drops had reversed into modest gains by the end of the month, but this semiconductor manufacturing specialist stayed d ...

JHVEPhoto In November of 2022, I wrote an article praising GlobalFoundries (NASDAQ:GFS) for its growth prospects and positive cash flow at a time when there was a lot of interest in investing in semiconductors. The first few months the stock did pretty well, but then the excess inventories and overcapacity of semiconductors caught up to the industry, leading to a rough 2023. The stock price has really turned around since then, and is now flirting with multi-year lows. Today I want to revisit GlobalFoundries ...

SILICON VALLEY, Calif. and MALTA, N.Y., Sept. 09, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries (Nasdaq: GFS) (GF) and Silicon Catalyst, the world's only incubator+accelerator focused exclusively on semiconductor solutions, today announced that GF has joined the incubator's semiconductor startup ecosystem as a Strategic Partner and an In-Kind Partner (IKP). The partnership will provide innovative startups with access to GF's differentiated platforms to speed the development and commercialization of next generati ...

SANTA CLARA, Calif., Aug. 28, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries (Nasdaq: GFS) (GF) will kick off its annual Technology Summit series tomorrow, highlighting the critical role of GF-made essential chips in accelerating the impact and ubiquity of artificial intelligence. The theme of "AI Everywhere" will connect the keynotes, panel discussions and deep-dive sessions of GF's annual technology-focused event, which brings together leaders from across the semiconductor industry to share insights on the late ...

GlobalFoundries Inc. (GFS) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years. Individual ...

Financial Data and Key Metrics Changes - Revenue for Q2 2024 increased sequentially to $1.632 billion, exceeding the midpoint of guidance, but decreased by 12% year-over-year due to lower shipments and utilization levels [12][24] - Non-IFRS gross margin was reported at 25.2%, above the midpoint of guidance [12][29] - Non-IFRS diluted earnings per share were $0.38, exceeding the high end of guidance [12][30] - Cash flow generation for the first half of 2024 was over $500 million, on track to achieve approximately three times the amount of 2023 non-IFRS adjusted free cash flow by the end of 2024 [13][33] Business Line Data and Key Metrics Changes - Smart mobile devices accounted for approximately 47% of total revenue, with a 12% sequential increase but a 3% decrease year-over-year [25] - Automotive revenue grew approximately 2% sequentially and 10% year-over-year, representing about 17% of total revenue [27] - Home and industrial IoT markets represented 18% of total revenue, with a 5% sequential decrease and a 28% year-over-year decline [26] - Communications infrastructure and data center segment revenue increased 28% sequentially but declined 27% year-over-year [28] Market Data and Key Metrics Changes - The demand outlook is improving across certain end markets, particularly in automotive and smart mobile devices, as channel inventory levels normalize [6][14] - The automotive sector is highlighted as a growth area, with significant revenue growth expected for 2024 [27] - The IoT market is experiencing high inventory levels, contributing to revenue declines, but long-term opportunities remain [18][26] Company Strategy and Development Direction - The acquisition of Tagore Technologies' gallium nitride power business aims to enhance capabilities in power applications and expand the serviceable addressable market by approximately $1.6 billion by 2030 [9][11] - The company is focused on modernizing manufacturing capabilities and investing in R&D to support GaN manufacturing capacity over the next two to three years [10][11] - Long-term strategy includes positioning for high-volume manufacturing of critical technologies in power applications and serving as a trusted manufacturing partner [11] Management's Comments on Operating Environment and Future Outlook - Management believes the first quarter of 2024 was the low point for revenue, with expectations for sequential growth in subsequent quarters [7][24] - The company is optimistic about the recovery in the automotive sector and anticipates growth in smart mobile devices as inventory levels normalize [14][45] - Management acknowledges macroeconomic factors affecting consumer spending, particularly in the US and China, which may impact future demand [38] Other Important Information - The company expects total revenue for Q3 2024 to be between $1.7 billion and $1.75 billion, with gross profit guidance between $391 million and $438 million [32] - CapEx for 2024 is maintained at approximately $700 million, focusing on innovation and differentiation rather than increasing overall capacity [33][64] Q&A Session Summary Question: Insights on customer conversations regarding inventory correction and demand - Management indicated that while some end markets are still working through inventory corrections, automotive remains a bright spot with meaningful growth opportunities [36][45] Question: Quality of earnings and cash flow expectations - The company noted that free cash flow is expected to remain strong due to previous investments in capacity and customer prepayments [40][41] Question: Revenue outlook for Q3 and Q4 - Management confirmed expectations for sequential revenue growth in Q3 and Q4, driven by recovery in smart mobile devices and continued strength in automotive [44][45] Question: Gross margin trends and factors affecting them - Management explained that low utilization rates are impacting gross margins, but improvements are expected as utilization increases [47][48] Question: Long-term agreements and customer interest - Management stated that long-term agreements remain important, especially in markets with long product cycles like automotive [67][69]