GlobalFoundries forecasts Q2 revenue, profit above estimates on chip market recovery

A view of the clean room in U.S. chipmaker GlobalFoundries' new fabrication plant in Singapore September 12, 2023. REUTERS/Edgar Su/File Photo

(Reuters) - GlobalFoundries forecast second-quarter revenue above Wall Street estimates on Tuesday, betting on improving demand for semiconductors after a years-long slump that was caused by surplus inventory at its customers.

Shares of the contract chipmaker rose 4.2% before the bell.

Uh-oh! Daily quota reached.


Experience an ad-free unlimited reading on both web and app.

Subscribe 
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

   

Report it to us.

Next In Tech News
Cryptoverse: Miners trudge through post-halving world
Riot Platforms proposes to buy crypto miner Bitfarms, becomes largest shareholder
T-Mobile to buy US Cellular's wireless operations in $4.4 billion deal
Meme stock GameStop climbs after raising $933 million in share sales
EU monitoring new measures by Meta to tackle election disinformation
Klarna using GenAI to cut marketing costs by $10 million annually
OpenAI sets up safety committee as it starts training new model
Google, Amazon, Apple lobby group opposes India's EU-like antitrust proposal
A tiny Mediterranean island wants a�piece of the global AI frenzy
UN hails RM22.53bil in new pledges to boost global connectivity

Trending in Tech

Others Also Read

Load more

Copyright © 1995- Star Media Group Berhad [197101000523 (10894-D)]

Best viewed on Chrome browsers.