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Agreement chipmaker GlobalFoundries (GFS) on Tuesday defeat Wall Street’s targets for the third quarter. It also guided much better for income in the existing interval. GFS stock rose in early trading.
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The Malta, N.Y.-based mostly company earned an altered 67 cents a share on gross sales of $2.07 billion in the September quarter. Analysts polled by FactSet anticipated GlobalFoundries earnings of 62 cents a share on profits of $2.05 billion. In the year-previously time period, GlobalFoundries acquired 7 cents a share on product sales of $1.7 billion.
For the existing quarter, GlobalFoundries forecast altered earnings of $1.34 a share on profits of $2.08 billion. Which is based on the midpoint of its outlook. Wall Avenue experienced predicted earnings of $1.05 a share on profits of $2.086 billion in the fourth quarter.
“In the 3rd quarter, the GF group ongoing to execute on its commitments to prospects and shareholders in spite of ongoing macroeconomic and geopolitical issues,” Chief Executive Thomas Caulfield claimed in a news release.
GFS Stock Rises Following Report
“Our income grew 22% 12 months about year, and we delivered document gross, working, and net earnings, building sizeable development to our extended-expression money product,” Caulfield reported. “We continue being on observe to supply a robust 12 months of advancement and profitability.”
In premarket investing on the stock current market nowadays, GFS stock jumped 6.1% to 59.70.
GFS stock has been consolidating for the earlier 13 weeks at a get stage of 66.06, according to IBD MarketSmith charts.
Other semiconductor stocks moving on earnings information Tuesday incorporated Diodes (DIOD) and SkyWater Technologies (SKYT), which posted final results late Monday.
Diodes sent about in-line third-quarter benefits and steerage. SkyWater posted greater-than-envisioned third-quarter success and outlook. Diodes showed no premarket action, but SkyWater surged 8.3% to 9.36.
Abide by Patrick Seitz on Twitter at @IBD_PSeitz for additional tales on shopper technology, software package and semiconductor stocks.
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