GlobalFoundries Inc. (GF) announced preliminary financial results for the third quarter ended September 30, 2023.
Key Third Quarter Financial Highlights
- Revenue of $1,852 million.
- Gross margin of 28.6% and adjusted gross margin of 29.2%.
- Operating margin of 14.1% and adjusted operating margin of 17.4%.
- Net income of $249 million and adjusted net income of $308 million.
- Adjusted EBITDA of $667 million.
- Cash, cash equivalents and marketable securities of $3.4 billion.
“In the third quarter, GF’s dedicated teams across the world delivered financial results at the upper end of the guidance ranges we provided in our August earnings release,” said Dr. Thomas Caulfield, president and CEO of GF. “Although the global economic and geopolitical landscape remains uncertain, we are collaborating closely with our customers to support their efforts to reduce inventory levels, while growing long-term partnerships to drive foundry innovation and differentiation across essential end-markets.”
Recent Business Highlights
- The U.S. Department of Defense awarded GF a new 10-year contract for a supply of securely manufactured, U.S.-made semiconductors for use across a wide range of critical aerospace and defense applications.
- GF expanded its world-class global operations with official openings at its fabrication plant in Singapore and new operations support facility in Penang, Malaysia, creating a total of 1,300 high-value jobs.
- GF announced its most advanced RF technology, 9SW RFSOI, that will offer significant improvements in performance and integration for 5G and wireless communication applications.
Original – GlobalFoundries