GlobalFoundries reported first-quarter revenue of $1.634 billion. This result marks a 3% year-over-year increase and aligns with analyst expectations. Adjusted earnings reached $0.40 per share, surpassing consensus estimates of $0.34 to $0.35. Profitability metrics finished at or above the high end of the company's guidance range.
The company forecasts second-quarter revenue between $1.735 billion and $1.785 billion. This outlook exceeds previous Wall Street estimates. Management anticipates second-quarter adjusted earnings between $0.38 and $0.48 per share. Accelerating demand from data center and automotive sectors drives the upbeat guidance. GlobalFoundries shares rose significantly in trading following the report.