Globalfoundries Inc. ( (GFS) ) has released its Q3 earnings. Here is a breakdown of the information Globalfoundries Inc. presented to its investors.
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GlobalFoundries Inc. is a leading semiconductor manufacturer that provides innovative process technology solutions across various high-growth markets. The company is notable for its design, development, and fabrication services with a significant global manufacturing presence.
In its third quarter 2024 financial results, GlobalFoundries reported consistent financial performance, achieving revenue of $1.739 billion and a net income of $178 million. The company highlighted strategic collaborations and advancements in its chip technology portfolio.
Key financial metrics for the quarter include a gross margin of 23.8% and an operating margin of 10.6%. The company also reported non-IFRS net income of $229 million and adjusted EBITDA of $627 million. Additionally, GlobalFoundries announced strategic partnerships with NXP Semiconductors and Finwave Semiconductor, enhancing its technology and market offerings.
Looking forward, GlobalFoundries aims to capitalize on its strategic initiatives and partnerships to drive growth despite industry uncertainties. The management remains focused on achieving a significant increase in its non-IFRS adjusted free cash flow by the end of 2024.
