Reports Q2 revenue $1.688B, consensus $1.68B. “In the second quarter, the GF team delivered strong financial results above the midpoints of the Non-IFRS guidance ranges for revenue and gross margin, and earnings per share exceeded the high end of the guidance range,” said Tim Breen, CEO of GF. “Continued momentum across our Automotive and Communications Infrastructure and Datacenter end markets, enabled double digit percent year-over-year revenue growth in the second quarter for both businesses. As we await a return to meaningful growth across the consumer-driven end markets, I am pleased with the steps GF is taking to broaden the long term value proposition to our customers, through the expected acquisition of MIPS, as well as establishing our China for China foundry partnership.”
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on GFS:
- GlobalFoundries Announces Key Leadership and Financial Oversight Decisions
- GlobalFoundries price target raised to $43 from $37 at UBS
- GlobalFoundries initiated with a Neutral at Goldman Sachs
- GlobalFoundries to acquire AI and IP supplier MIPS
- GlobalFoundries price target raised to $42 from $35 at Citi