GlobalFoundries (GFS) Q1 2023 profit rises despite lower revenues

GlobalFoundries Inc. (NASDAQ: GFS) reported a double-digit increase in net profit for the first quarter of 2023 when the tech firm’s revenues decreased 5%.

The Santa Clara-headquartered semiconductor company said its March-quarter profit rose to $254 million or $0.46 per share from $178 million or $0.33 per share in the comparable period of 2022. At $0.52 per share, adjusted earnings were up 24% year-over-year.

Meanwhile, first-quarter revenues decreased 5% from last year to $1.84 billion, mainly reflecting weakness in the core Smart Mobile Devices segment. Adjusted EBITDA declined 6% annually to $655 million.

Commenting on the results, GlobalFoundries’ CEO Thomas Caulfield said, “As we look to the remainder of 2023, we will continue to support our customers’ needs, by investing in capacity to strengthen our differentiated solutions, increase our focus on growing end markets and drive value for our stakeholders.”

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