GlobalFoundries Exceeds Q2 Projections, Navigates High Inventory Levels In Chip Market
Portfolio Pulse from Anusuya Lahiri
GlobalFoundries Inc (NASDAQ:GFS) reported a fiscal Q2 2024 revenue decline of 12% year-on-year to $1.63 billion, beating analyst estimates. Adjusted EPS of 38 cents also surpassed expectations. Despite declines in smartphone and industrial IoT revenue, the company generated strong operating cash flow and holds $4.1 billion in cash. GFS expects Q3 revenue between $1.70 billion and $1.75 billion. The stock has lost 25% in the last 12 months.
August 06, 2024 | 2:29 pm
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GlobalFoundries reported better-than-expected Q2 revenue and EPS, despite a 12% revenue decline. The company generated strong operating cash flow and holds $4.1 billion in cash. GFS expects Q3 revenue between $1.70 billion and $1.75 billion.
Despite a year-on-year revenue decline, GlobalFoundries exceeded analyst expectations for both revenue and EPS. The company's strong cash flow and positive Q3 revenue outlook are likely to have a positive short-term impact on the stock price.
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