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GlobalFoundries increased quarterly sales by 56% in response to fast-growing chip demand

GLOBALFOUNDRIES recorded a 56% increase in revenue on Tuesday. This was the first revenue update since it was released in October, and the global semiconductor shortage has allowed businesses to secure a supply of chips for everything from cars to mobile phones.

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

The supply shock caused by the shortage helped the company. And it makes chips that appear to be non-cutting edge but at the same time important.

Revenues increased from $ 1.09 billion in the quarter ended September 30 to $ 1.7 billion, according to chip makers.

Sales for the quarter are expected to be between $ 1.8 billion and $ 1.83 billion.

GlobalFoundries posted a net income of $ 5 million (1 cent per share) in the third quarter. In contrast, the year-ago quarter had a net loss of $ 293 million (58 cents per share).

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GlobalFoundries increased quarterly sales by 56% in response to fast-growing chip demand

Source link GlobalFoundries increased quarterly sales by 56% in response to fast-growing chip demand

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