GlobalFoundries stock ticks higher after earnings beat

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Shares of GlobalFoundries Inc. GFS, +3.88% were inching about 1% higher in premarket trading Tuesday after the chip manufacturer topped expectations with its latest earnings and revenue figures while issuing an upbeat profit forecast. The company notched net income of $336 million, or 61 cents a share, compared with $5 million, or 1 cent a share, in the year-earlier quarter. On an adjusted basis, GlobalFoundries earned 67 cents a share, up from 7 cents a share in the year-before quarter, while analysts tracked by FactSet were anticipating 62 cents a share. Revenue increased to $2.07 billion from $1.70 billion, whereas the FactSet consensus was for $2.05 billion. For the fourth quarter, GlobalFoundries executives anticipate $2.05 billion to $2.10 billion in revenue along with $1.24 to $1.44 in adjusted earnings per share. The FactSet consensus was for $2.09 billion in revenue and $1.05 in adjusted EPS. The stock has declined 13% so far this year as the S&P 500 SPX, +0.96% has fallen 20%.

This article was originally published by Marketwatch.com. Read the original article here.

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