GlobalFoundries shares rise on earnings beat in first public report
$GlobalFoundries(GFS.US$ shares rose in after-hours trading as the company beat earnings estimates.
In the company's third-quarter, GlobalFoundries earned one cent a share on $1.7 billion in revenue, up 5% sequentially and 56% year-over-year.
Analysts surveyed by Wall Street expected a loss of one cent per share on $1.7 billion in revenue.
Shares of the Malta, N.Y.-based GlobalFoundries edged 1.8% higher to $70.49.
The company expects fourth-quarter revenue to be between $1.8 billion and $1.83 billion, with gross profit coming in between $335 million and $350 million.
Earnings per share are expected to be between two and six cents per share and between nine and 13 cents on an adjusted basis.
The company will hold a conference call at 4:30 p.m. EST to discuss the results.
GlobalFoundries shares fell in Tuesday trading ahead of the report.
GlobalFoundries, which counts $NXP Semiconductors(NXPI.US$, $Qorvo(QRVO.US$, $Cirrus Logic(CRUS.US$, $Advanced Micro Devices(AMD.US$ and $Skyworks Solutions(SWKS.US$ amongst its customers, recently signed a deal to provide chips for $Ford Motor(F.US$ current line of vehicles and explore other ways to expand chip supply to the automotive industry.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
Revana : I'm the first to comment again. One thing that perplexed me is why SA News Editor always write on a stock a own or used to own. In this case I sold my 50 shares of $GFS on Friday to lock in profits. Now I'm kicking myself because I could've made $150 more if I had hold on just a few days longer....dang
Dixonnn Revana : You locked in profits and are in the game, good job. You will always miss some dollars. You could just as easily lost as much or more.
Abdul Dickson : Seems kind of pricey unless they can grow 5-10% every quarter for 2 or 3 years.
They need to be earning at least 50c a quarter to justify this kind of stock price.
blue4u : A company that doesn't welcome experienced employees, I don't know what is the driving force for growth
dreamstocker : RUN Forrest, Run. Gonna wait on this one.
go big blue4u : All the other FABs are making money, but their family is losing money