Press release
GlobalFoundries Reports First Quarter 2022 Financial Results
Revenue up 37% year-over-year, Record Gross Margin and Net Income MALTA, N.Y., May 10, 2022 (GLOBE NEWSWIRE) -- GlobalFoundries Inc. (GF) (Nasdaq: GFS) today
About this update from Globalfoundries Inc.
[{"type":"text","content":"Revenue up 37% year-over-year, Record Gross Margin and Net Income\nMALTA, N.Y., May 10, 2022 (GLOBE NEWSWIRE) -- GlobalFoundries Inc. (GF) (Nasdaq: GFS) today announced preliminary financial results for the first quarter ended March 31, 2022. Key First Quarter Financial Highlights Record revenue of $1.94 billion, up 37% year-over-year.Record gross margin of 24.2% and adjusted gross margin of 25.3%.Record operating margin of 11.6% and adjusted operating margin of 14.4%.Record net income of $178 million and adjusted net income of $232 million.Record adjusted EBITDA margin of 36.0%.Cash and cash equivalents of $3.26 billion. “In the first quarter the GF team delivered on its commitments to customers and shareholders,” said GF CEO Dr. Thomas Caulfield. “We grew revenue 37% year-over-year, delivered record profitability and made significant progress towards our long-term financial model. Despite global supply chain challenges, the GF team continues to execute to plan, and we remain on track to deliver a strong year of growth and profitability.” Recent Business Highlights: GF announced GF Fotonix™, its next-generation silicon photonics platform. GF is collaborating with industry leaders including Broadcom, Cisco Systems, Inc, Marvell and NVIDIA, along with breakthrough photonic leaders including Ayar Labs, Lightmatter, PsiQuantum, Ranovus and Xanadu, to deliver innovative, unique, feature-rich solutions to solve some of the biggest challenges facing data centers today.GF announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR”), for Onsemi’s proposed acquisition of GF’s East Fishkill, NY site and fabrication facilities announced in 2019. The expiration of the HSR waiting period satisfies all of the necessary regulatory requirements and the transaction is on track to close at the end of 2022 as planned.GF announced the appointment of Bobby Yerramilli-Rao as an independent director of the company’s board of directors. Dr. Yerramilli-Rao is currently chief strategy officer and corporate vice president at Microsoft, where he is responsible for developing and driving growth-oriented strategies.As part of GF's celebration of Women's History Month and International Women's Day, GF hosted its 3rd GlobalWomen conference, celebrating the vital role of women in technology. U...