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.