NEW YORK - GlobalFoundries Inc. (NASDAQ:GFS) reported better-than-expected second quarter results on Tuesday, with both earnings and revenue surpassing analyst estimates. The semiconductor manufacturer's shares edged up 0.3% in pre-market trading following the announcement.
For the second quarter, GlobalFoundries posted adjusted earnings per share of $0.38, exceeding the analyst consensus of $0.28 by $0.10. Revenue came in at $1.63 billion, slightly above the $1.61 billion analysts had projected. However, this represents a 12% YoY decline in revenue compared to the same quarter last year.
Dr. Thomas Caulfield, president and CEO of GlobalFoundries, commented on the results: "Our second quarter results demonstrate the resilience of our business model and differentiated technology portfolio in the face of ongoing semiconductor industry headwinds."
The company provided guidance for the third quarter, projecting revenue between $1.82 billion and $1.87 billion, and adjusted earnings per share in the range of $0.45 to $0.54. GlobalFoundries also updated its full-year 2023 outlook, expecting revenue of $7.0 billion to $7.2 billion and adjusted earnings per share between $1.70 and $2.00.
GlobalFoundries' performance comes amid challenging conditions in the semiconductor industry, with the company navigating through a period of softening demand and inventory adjustments across various end markets.
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