Why Are GlobalFoundries Shares Trading Higher Today?
Portfolio Pulse from Anusuya Lahiri
GlobalFoundries Inc (NASDAQ:GFS) reported a Q3 FY23 revenue decline of 11% YoY to $1.852 billion, beating the consensus of $1.849 billion. The company's adjusted EPS of $0.55 also beat the consensus of $0.49. However, the adjusted gross margin and operating margin declined. The company generated $416 million in operating cash flow and held $3.4 billion in cash and equivalents. GFS shares traded higher by 5.35% at $54.42.
November 07, 2023 | 7:11 pm
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Despite a YoY revenue decline, GlobalFoundries beat consensus estimates for Q3 FY23, leading to a rise in its share price.
GlobalFoundries reported a revenue decline, but still managed to beat consensus estimates, which is likely the reason for the increase in its share price. The company's future outlook and cash position also seem to be strong, which could have contributed to the positive investor sentiment.
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