Short Squeeze - GlobalFoundries Stock Soars On Q3 Earnings Beat, Strong Q4 Outlook

GlobalFoundries Inc (NASDAQ:GFS) reported a fiscal third-quarter 2024 revenue decline of 6% year-on-year to $1.74 billion, beating the analyst consensus estimate of $1.73 billion.

The contract chipmaker's adjusted EPS of 41 cents beat the analyst consensus estimate of 33 cents. The stock price picked up momentum after the print.

Smart mobile device revenue grew 11% from a year ago to $868 million.

Also Read: Taiwan Semiconductor Faces Rising Energy Costs, Potential Outages Threaten Production

Communications infrastructure & data center revenue declined 15% Y/Y to $133 million. Home and industrial IOT revenue decreased 25% Y/Y to $308 million. Automotive revenue fell 16% Y/Y to $256 million. Non wafer revenue slid 16% Y/Y ...