GlobalFoundries' first public results top Street view as chip ...

For the fourth quarter, GlobalFoundries forecast adjusted earnings of 9 cents to 13 cents a share on revenue of $1.8 billion to $1.83 ... Skiptomaincontent Advertisement Advertisement Home Industries Computers/Electronics EarningsResults EarningsResults GlobalFoundries’firstpublicresultstopStreetviewaschipshortagecontinues LastUpdated:Dec.1,2021at8:25a.m.ET FirstPublished:Nov.30,2021at4:14p.m.ET By WallaceWitkowski  comments Salestoautomotivecustomerssoar368%fromtheyear-agoperiod GlobalFoundriesstockmadeitspublicdebutontheNasdaqonOct.28. Nasdaq Emailicon Facebookicon Twittericon Linkedinicon Flipboardicon Printicon Resizeicon GFS -1.09% GlobalFoundriesInc.toppedWallStreetexpectationsinitsfirstearningsreportasapubliccompanyTuesdaywhilethethird-partysilicon-waferfoundrywarnedthatthegapbetweenshortsupplyandhighdemandisfarfrombeingclosed.Highdemandisshowingnosignsofchangingor“frothiness,”ThomasCaulfield,GlobalFoundries’ GFS, -1.09% chiefexecutive,toldanalystsontheconferencecall. “Wesitinauniquepositionasafoundry,wherewegettoseewhatgoesoninalotoftheendmarketsweserve,”Caulfieldsaid.“Wearestilldealingwithshortagesofwhatwecansupplytoourkeycustomersin2022.”TheMalta,N.Y.-basedcompany—knownasafabricationplant,or“fab,”inindustryparlance—makessiliconwafersforthemajorityofchipmakerswhodonothavetheirownfabs.SincetheCOVID-19pandemic,customerwaitinglistsatthird-partyfabslikeGlobalFoundrieshavebeenbackloggedforseveralmonthsowingtotheglobalchipshortage.Thecompanyreporteda45%gaininsmartmobiledevicerevenueto$849millionfromtheyear-agoperiod.Similarly,communicationsinfrastructureanddata-centersalesrose34%to$285million,homeandindustrial“InternetofThings”salesrose37%to$218million,automotivesalesjumped368%to$103million,whilePCsalesdeclined40%to$113millionfromtheyear-agoperiod.Asfarassupply-chaindifficultiesthathavenotonlydoggedthesemiconductorsectorbutglobalmanufacturingatlarge,Caulfieldsaidthere’sstillawaystogo.“Overthecourseofthisyear,we’veclosedthegap,thatreallystartedwithasignificantgapbetweensupplyanddemand,”Caulfieldtoldanalysts.“Ithinkwe’vemade,asanindustry,recordshipmentsinallmanufacturing,we’veclosedthatgap,butnowherenearwhereitneedstobeclosed.”Thecompanyreportedthird-quarternetincomeof$5million,orapennyashare,versusalossof$293million,or58centsashare,intheyear-agoperiod.Adjustedearnings,whichexcludestock-basedcompensationexpensesandotheritems,were7centsashare.GlobalFoundriesCEOonIPO: ‘Wehavetoaccelerateourcapacity’Revenueroseto$1.7billionto$1.09billionintheyear-agoquarter,GlobalFoundriesreported,whileanalystssurveyedbyFactSethadforecastalossofapennyashareonrevenueof$1.7billion.Formore: FivethingstoknowaboutGlobalFoundriesForthefourthquarter,GlobalFoundriesforecastadjustedearningsof9centsto13centsashareonrevenueof$1.8billionto$1.83billionforthefourthquarter,whileanalystshadestimatedearningsof9centsashareonrevenueof$1.8billion.Sharesfluctuatedbetweengainsandlossesafterhours,beforeclosingtheextendedsessionup1%.Sharesclosedtheregularsessiondown1.8%at$69.24.Sharesare47%abovetheir$47IPOpricefromwhenthecompanywentpublicamonthago. Teslaisbracingforabusy2022withnewplantsandtheCybertruckcomingonline,butsafetyprobesmayreininitsstock TeslaInc.islookingatabusy2022,whentheelectric-vehiclemakerisslatedtoopennewfactoriesandlaunchitsmuch-awaitedelectrictruck,butsomeanalystssaythedozensofinvestigationsintothesafetyofitsdriver-assistancefeaturesanditshighvaluationarereasonstoremaincautiousonthestock. Barron's:HereAreBarron’s10TopStocksfortheNewYear UnvaccinatedAmericansfacing‘winterofsevereillnessanddeath,’Bidenwarns,asomicronstartstospreadacrosstheU.S. Barron's:IsFordStocktheNewTesla? ACOVID-19recoveryofferslowprotectionagainstomicronvariantbutboostersareeffective,Londonstudyfinds WallaceWitkowski WallaceWitkowskicametoMarketWatchfromtheAssociatedPressinNewYork,wherehewasabusinessreporterspecializinginpharmaceuticalcompanies.Hepreviouslyreportedfortradepublicationsincoveringthedrugandmedical-deviceindustriesbackto1998.BasedinSanFrancisco,hisfocusisonU.S.equities.FollowWallyonTwitterat:@wmwitkowski. Advertisement CommunityGuidelines • FAQs Advertisement Advertisement Advertisement Advertisement Advertisement Advertisement Advertisement Advertisement Advertisement Attention,businessownersandgigworkers:HerearethenewstandardmileageratesfromtheIRS Mysonhadnorealdirection.At31,hemovedinwithusandnowearns$40,000ayear.WhattypeofsavingsshouldbehisNo.1priority? Ijustgotahugedividendpayoutfromamutualfundandmyinvestmentvaluedropped—what’sgoingon? Whattheelectric-vehicleboommeansforcharging-stationbusiness ThemostcompetitivehousingmarketinthecountrybasedonfrequencyofbiddingwarsisastatecapitalintheMid-Atlanticregion Advertisement AdvancedSearch Submitentryforkeywordresults Advertisement Listings Columns Authors Topics Private Noresultsfound