GlobalFoundries Announces Preliminary Q2 financial data, beats expectations

TapTechNews August 6th news, wafer foundry company GlobalFoundries tonight announced the preliminary financial data for the second quarter ending June 30, 2024, slightly exceeding Wall Street expectations.

Revenue was $1.632 billion (TapTechNews note: currently about 11.647 billion yuan), a 12% year-on-year decline and a 5% quarter-on-quarter increase.

Net profit was $155 million (currently about 1.106 billion yuan), a 35% year-on-year decline and a 16% quarter-on-quarter increase; non-International Financial Reporting Standards (Non-IFRS) net profit was $211 million.

Non-IFRS adjusted earnings before interest, taxes, depreciation and amortization was $610 million (currently about 4.353 billion yuan).

Gross margin was 24.2%, and non-IFRS gross margin was 25.2%.

Operating margin was 9.5%, and non-IFRS operating margin was 13.0%.

Net cash provided by operating activities year-to-date was $890 million, and non-IFRS adjusted free cash flow was $563 million.

The company expects third-quarter revenue to be between $1.7 billion and $1.75 billion (currently about 12.132 billion to 12.489 billion yuan), slightly higher than the expected $1.72 billion.

GlobalFoundries President and CEO Dr. Thomas Caulfield said, In the second quarter, GF's financial performance exceeded the midpoint of the guidance range we provided at the May earnings release, thanks to the dedication of our global workforce. We continue to focus on a disciplined capital expenditure strategy and strong cash flow, generating more than $500 million in cumulative non-IFRS adjusted free cash flow in the first half of 2024. I am proud of how our team has worked with customers in new design wins, provided first-class technology, and executed our long-term plans.