GlobalFoundries beat earnings estimates and issued a strong outlook for the fourth quarter, sending shares up about 6% in premarket trading. The chip manufacturer cited robust demand from automotive and data center customers as key growth drivers.
For Q4, GlobalFoundries expects adjusted earnings of 47 cents per share (±5 cents) and revenue of $1.80 billion (±$25 million), slightly ahead of Wall Street’s forecast of $1.79 billion, according to LSEG data.
The company’s automotive clients account for about 16% of annual revenue, fueled by rising demand for chips used in electric vehicles and advanced driver-assistance systems. Meanwhile, data center and communications customersrepresent roughly 10.5% of revenue. Smartphones remain its largest segment at over 40%.
GlobalFoundries reported Q3 earnings of 41 cents per share, surpassing the 37-cent consensus estimate, on revenue of $1.69 billion, just above expectations.
One of the few major foundries operating outside China and Taiwan, GlobalFoundries manufactures chips for AMD, Qualcomm, and NXP Semiconductors. The company recently signed a technology licensing deal with TSMC and announced a €1.1 billion expansion in Germany, supported by the German government.
Despite Wednesday’s rally, GlobalFoundries shares remain down nearly 19% year-to-date.
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