Advertisement. Remove ads.
Shares of GlobalFoundries Inc. (GFS) surged nearly 6% in Tuesday’s mid-day trade as the chipmaker edged past expectations with its fourth-quarter (Q4) performance.
GlobalFoundries posted earnings per share (EPS) of $0.46, ahead of Wall Street’s estimates of $0.45, according to Stocktwits data.
The Malta, New York-based company posted revenue of $1.830 billion during the quarter, marginally ahead of the expected $1.829 billion.
The company’s data center and automotive segments drove its topline during the quarter, which grew 18% and 30% year-on-year, respectively.
However, its smart mobile device revenue fell 4% year-on-year.
Dr. Thomas Caulfield, President and CEO of GlobalFoundries, said that “2024 presented a unique set of challenges for our industry,” but added that he is optimistic for 2025.
“As we look to 2025, we are encouraged by our strong design win momentum across our end markets and product portfolio as we position GF for a growth year,” he said.
The markets shrugged off GlobalFoundries’ below-expectations guidance for the first quarter (Q1) of fiscal year 2025. The company guided for revenue between $1.55 billion to $1.60 billion, below a consensus estimate of $1.66 billion, according to FinChat data.
The company expects EPS in the range of $0.24 and $0.34, compared to an estimate of $0.32.
On Stocktwits, retail sentiment around the GlobalFoundries stock was in the ‘extremely bullish’ (88/100) territory, while message volume was in the ‘extremely high’ levels.
GlobalFoundries’ stock declined nearly 7.7% over the past six months. However, its one-year performance is worse, with a fall of over 28%.
For updates and corrections, email newsroom[at]stocktwits[dot]com.
Also See: Lattice Semiconductor Stock Surges Amid Wave Of Price Target Hikes: Retail Sentiment Soars