UK markets closed
  • FTSE 100

    7,494.13
    -90.88 (-1.20%)
     
  • FTSE 250

    22,263.24
    -451.74 (-1.99%)
     
  • AIM

    1,132.08
    -24.37 (-2.11%)
     
  • GBP/EUR

    1.1947
    -0.0072 (-0.59%)
     
  • GBP/USD

    1.3546
    -0.0055 (-0.40%)
     
  • BTC-GBP

    26,935.82
    -2,588.23 (-8.77%)
     
  • CMC Crypto 200

    870.86
    +628.18 (+258.85%)
     
  • S&P 500

    4,397.94
    -84.79 (-1.89%)
     
  • DOW

    34,265.37
    -450.02 (-1.30%)
     
  • CRUDE OIL

    84.83
    -0.72 (-0.84%)
     
  • GOLD FUTURES

    1,836.10
    -6.50 (-0.35%)
     
  • NIKKEI 225

    27,522.26
    -250.67 (-0.90%)
     
  • HANG SENG

    24,965.55
    +13.20 (+0.05%)
     
  • DAX

    15,603.88
    -308.45 (-1.94%)
     
  • CAC 40

    7,068.59
    -125.57 (-1.75%)
     

GlobalFoundries posts 56% rise in quarterly sales on booming chip demand

  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
Screen displays the company logo for semiconductor and chip maker, GlobalFoundries Inc. during the company's IPO at the Nasdaq MarketSite in Times Square in New York
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • GFS

(Reuters) - GlobalFoundries posted a 56% rise in revenue on Tuesday, in its first earnings update after going public in October, as the global semiconductor shortage drives companies to secure supplies of chips used in everything from cars to mobile phones.

The company makes silicon wafers for chip designers, such as Advanced Micro Devices and Broadcom Inc, that do not have their own fabrication plants, called fabs.

The supply shock triggered by the shortage has helped the company, which makes chips that are seen as being non-cutting edge but are important at the same time.

The chipmaker said revenue rose to $1.7 billion from $1.09 billion in the quarter ended Sept. 30.

It forecast current-quarter sales to be between $1.8 billion to $1.83 billion.

GlobalFoundries posted a net income of $5 million, or 1 cent per share, in the third quarter, compared with a net loss of $293 million, or 58 cents per share, a year earlier.

(Reporting by Eva Mathews in Bengaluru; Editing by Amy Caren Daniel)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting