GlobalFoundries says revenue growth to accelerate amid fab

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The company said revenues for the third quarter were $1.7 billion - and it expects revenues to rise to as much as $1.83 billion in the fourth ... Recommended Upgradingyourspacewhilestuckathome?Getitinsured MillennialMoney:Trytouchlesspaymenttoavoiddirtymoney CarlaFried:Howkeepingacar15yearscanpayyou$230,000 Tesla:recordsales,butmissingtarget HarveyMackay:Ambitionisamust WaitforrefunddragsonforsomeAmericans ForTheRecord Agenciesoffercreditcardrelief Homecostsbeginatadownpayment Technologysharesleadmarketrally 5 1of5WorkersatGlobalFoundries'Fab8plantinMalta.Thecompanyturneditsfirstprofitduringthethirdquarterof2021.GlobalFoundriesShowMoreShowLess 2of5GlobalfoundriesCEOTomCaulfield.(WillWaldron/TimesUnion)WillWaldron/TimesUnionShowMoreShowLess 3of5 4of5GlobalFoundriesCEOTomCaulfield,frontcenter,basksinconfettiwithemployeesandothersupportersafterthecompany'sinitialpublicofferingonThursday,Oct.28,2021attheNasdaqstockmarketinNewYorkCity.VanjaSavic/GFShowMoreShowLess 5of5 MALTA-GlobalFoundriesturnedaprofitforthefirsttime,itrevealedonTuesday,asitreleaseditsfirstquarterlyearningsreportafteritsinitialpublicofferinginlateOctober. Thecomputerchipmakerreported$5millioninpureprofitduringthethirdquarteroftheyear-comparedtoalossof$293millionduringthesameperiodof2020. Thecompany'sadjustedEBITDA-whichisearningsbeforeinterest,taxes,depreciationandamortization-was$505million,comparedto$275millionayearago,anincreaseof84percent. GlobalFoundriesconsidersEBITDAakeymetricgiventhehighcostofthemanufacturingequipmentinitschipfactories,witheachpiececostingtensorevenhundredsofmillionsofdollars. GlobalFoundrieshas3,000workersatitsheadquartersandFab8chipfactoryinSaratogaCountyattheLutherForestTechnologyCampusand15,000employeesworldwide,withfactoriesinSingaporeandGermanyaswellasVermontandDutchessCounty. ThecompanywasspunofffromAdvancedMicroDevicesin2008tocreateaso-called"foundry"thatmakeschipsforothercompanies.AftertheIPO,GlobalFoundrieswassubjecttopublicdisclosurerulesthathaverevealedthecompany'sdetailedfinancialconditionforthefirsttime.Ithadpreviouslybeen100percentownedbythegovernmentofAbuDhabi,whichsoldoffabout10percentofitssharesaspartofthepublicstockoffering. CEOTomCaulfieldhasbeenwithGlobalFoundriessince2014whenhewashiredasgeneralmanagerofFab8.HewasnamedCEOin2018andhasledadramatictransformationofthecompany,cuttingexpenseswhilebecomingaprofitableoperation. "OurIPOonOct.28wasanimportantmilestoneforGlobalFoundries,"CaulfieldsaidduringaconferencecallwithWallStreetanalystsonTuesdayafternoon-hisfirstsincegoingpublic."Itwasaculminationofoveradecadeofworktobuildanat-scaleglobalsemiconductorfoundrywithstrongtechnologydifferentiation.In2018,wedroveafundamentalchangeinourstrategytobecomeamorerelevant,andmoreimportantly,amorevitalcontributortothisindustrybybecomingaprofitableandsustainablebusiness." Thecompanysaidrevenuesforthethirdquarterwere$1.7billion-anditexpectsrevenuestorisetoasmuchas$1.83billioninthefourthquarter. SharesofGlobalFoundries(Nasdaq:GFS)haverisenremarkablysincethecompanywentpublicat$47pershare.AsofWednesday,itsstockpricewashoveringover$68,anincreaseof44percent. Thatstrongshowingisdueinlargeparttotheshortageofcomputerchipsthatareusedineverythingfrommobilephonestocarsandhouseholdappliances-creatingahugeamountofpent-updemandforchip-making.GlobalFoundriesisoneofjustfourcompaniesworldwidethatactasfoundriesmakingchipsforavarietyofcompaniesandindustries.GlobalFoundriesalsomakeschipsfortheDepartmentofDefense. Lastmonth,GlobalFoundriesandFordMotorCo.announcedastrategicdealtomakeanddevelopnewchipsfortheautomaker-asignofhowsignificantchipsaretotheautoindustryamidtheshortage. Inresponsetotheglobalchipsupplyshortage,GlobalFoundriesisspending$1billiontoexpanditsFab8factoryandbuildasecondfactoryatLutherForestthatisexpectedtocostbillionsmore.ThecompanyisalsobuildinganewfactoryinSingaporeandexpandingitsDresden,Germany,manufacturingsite. SignupforTheKnick» Getthelatestnewsandsomeareahistorywithourafternoonnewsletter. "Asaresultofthisincreasingscale,weexpectevenfastergrowthinourmarginsandearnings,"CaulfieldtoldanalystsonTuesday."Wehavesignificantbusinessvisibilityandcertaintywithcustomerlong-termagreements.Thisgivesusconfidencethatthefundamentalsofourbusinesswillcontinuetoimproveatarapidpaceoverthenextthreetofiveyears." SmartphonechipscomprisethelargestshareofGlobalFoundries'revenue,Caulfieldsaid,buttheautomarket,whichmakesupjust6percentofthecompany'srevenuestoday,hasquadrupledinthepastyear. "Thechipshortageintheautoindustryhasaccelerateddemandformanyofourcustomerswhohaveenteredintolong-termagreementswith(GlobalFoundries)toensuresupplycontinuityfortheirnewproductsthatrampoverthenextthreetofiveyears,"Caulfieldsaid."Weareveryexcitedaboutourstrongtractionintheautomotiveendmarket." ChiefFinancialOfficerDaveReedersaidthatresearchanddevelopmentcostswere$110millionduringthethirdquarter,a$10milliondecreasefromthesecondquarter.Someofthatdeclinewasduetoincreasedcustomer-fundingofengineeringnewchips.         MostPopular Churchill:Oneyearlater,parkinglotisstillherhome ViolenceatCrossgatesMallblamedonteenageoffenders Stateworkerslamentreturnofthemask ManwhocarvedwoodenpenisinWiltonresolvescase 6hikestoHudsonValleyruins SignupforTheKnick» Getthelatestnewsandsomeareahistorywithourafternoonnewsletter. Topshoppingpicks Thesevacuumswillcollectallthedirtforadirt-cheapprice Amazon'sFireTVCubeis$45offrightnow These$35Blinkvideodoorbellsaretheirlowestpriceever Geta$50Twitchgiftcardfor$40onAmazon

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