Semiconductor company GlobalFoundries Inc. (NASDAQ: GFS) announced financial results for the fourth quarter of 2022, reporting a sharp increase in revenues and profit.
Fourth-quarter net income rose sharply year-over-year to $668 million or $1.21 per share. Adjusted earnings per share was $1.44 per share, compared to $0.18 last year. Adjusted EBITDA was $821 million, up 41% year-over-year.
The strong bottom-line performance reflects a 14% increase in revenues to $2.10 billion. All the operating segments, except the Smart Mobile Devices division, registered growth in the fourth quarter.
“Our revenue in 2022 grew 23% year-over-year, and we delivered record gross margin and net income, making significant progress toward our long-term financial model,” said GlobalFoundries’ CEO Thomas Caulfield.
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