GlobalFoundries posts 56% rise in quarterly sales on booming chip demand


A screen displays the company logo for semiconductor and chipmaker GlobalFoundries Inc. during the company's IPO at the Nasdaq MarketSite in Times Square in New York City, U.S., October 28, 2021. REUTERS/Brendan McDermid/Files

(Reuters) - GlobalFoundries posted a 56% rise in revenue on Tuesday, in its first earnings update after going public in October, as the global semiconductor shortage drives companies to secure supplies of chips used in everything from cars to mobile phones.

The company makes silicon wafers for chip designers, such as Advanced Micro Devices and Broadcom Inc, that do not have their own fabrication plants, called fabs.

The supply shock triggered by the shortage has helped the company, which makes chips that are seen as being non-cutting edge but are important at the same time.

The chipmaker said revenue rose to $1.7 billion from $1.09 billion in the quarter ended Sept. 30.

It forecast current-quarter sales to be between $1.8 billion to $1.83 billion.

GlobalFoundries posted a net income of $5 million, or 1 cent per share, in the third quarter, compared with a net loss of $293 million, or 58 cents per share, a year earlier.

(Reporting by Eva Mathews in Bengaluru; Editing by Amy Caren Daniel)

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 0
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

   

Next In Tech News

Advisory firm Innisfree sues Musk's Twitter for $1.9 million in unpaid bills
ChatGPT makers launch tool to spot AI texts – but it's not very good
U.S. judge denies FTC request to stop Meta from acquiring VR firm Within
Two minutes a day to be authentic: Does BeReal show real life?
Opinion: Junk emails can be maddening, but ignoring them is the best option
Lies, racism and AI:�IT experts point to serious flaws in ChatGPT
Hackers who breached ION say ransom paid; company declines comment
Review: 'High on Life' has weapons talking in the voice of a cancelled celebrity
Twitter playing 'stupid game' to stall ex-workers' legal claims: lawyer
Self-proclaimed bitcoin inventor's $2.5 billion lawsuit can go to trial - London court

Others Also Read