Categories AlphaGraphs, Earnings, Technology
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.”
Prior Performance
_________________________________________________________________________________________________________________
Stocks you may like:
International Business Machines Corp. (IBM) Stock
_________________________________________________________________________________________________________________
Most Popular
Key highlights from McCormick & Company’s (MKC) Q3 2023 earnings results
McCormick & Company, Incorporated (NYSE: MKC) reported third quarter 2023 earnings results today. Net sales increased 6% year-over-year to $1.68 billion, but narrowly missed estimates of $1.70 billion. Net income
Carnival Corporation (CCL): A couple of factors that work in favour of this cruise ship operator
Shares of Carnival Corporation & plc (NYSE: CCL) were down on Monday. The stock has gained 69% year-to-date. The company delivered strong results for the third quarter of 2023 and although
Earnings Preview: PepsiCo (PEP) likely to deliver another strong quarter
Over the years, brand loyalty and diversification of the portfolio have played a key role in the continued success of PepsiCo, Inc. (NASDAQ: PEP) The soft drink giant is now
