Press release
GlobalFoundries Reports Third Quarter 2022 Financial Results
Record Revenue, Gross Profit, and Net Income MALTA, N.Y., Nov. 08, 2022 (GLOBE NEWSWIRE) -- GlobalFoundries Inc. (GF) (Nasdaq: GFS) today announced
About this update from Globalfoundries Inc.
[{"type":"text","content":"Record Revenue, Gross Profit, and Net Income\nMALTA, N.Y., Nov. 08, 2022 (GLOBE NEWSWIRE) -- GlobalFoundries Inc. (GF) (Nasdaq: GFS) today announced preliminary financial results for the third quarter ended September 30, 2022. Key Third Quarter Financial Highlights Record revenue of $2.1 billion, up 22% year-over-year.Record gross margin of 29.4% and adjusted gross margin of 29.9%.Record operating margin of 17.2% and adjusted operating margin of 18.8%.Record net income of $336 million and adjusted net income of $368 million.Record adjusted EBITDA of $793 million.Cash, cash equivalents and marketable securities of $3.5 billion. “In the third quarter, the GF team continued to execute on its commitments to customers and shareholders despite ongoing macroeconomic and geopolitical challenges,” said CEO Dr. Thomas Caulfield. \"300mm-equivalent wafer shipments of 637 thousand was a record for GF, an increase of 5% year-over-year. Our revenue grew 22% year-over-year, and we delivered record gross, operating, and net profits, making significant progress towards our long-term financial model. We remain on track to deliver a strong year of growth and profitability.” Recent Business Highlights: GF qualified a proprietary automotive eNVM product for one of the largest automotive MCU suppliers in the industry. The qualification allows GF to ship this product from both the Dresden and Singapore facilities, establishing a high-volume, secure supply chain for the automotive industry. U.S. Senator Patrick Leahy and GF announced the award of $30 million in federal funding to advance the development and production of next-generation gallium nitride (GaN) on silicon semiconductors at GF's facility in Essex Junction, VT. GF announced that the company has been added to the Philadelphia Stock Exchange Semiconductor Index (SOX) effective Monday, September 19, 2022. Unaudited Summary Quarterly Results (in millions USD, except per share amounts and wafer shipments)1 Year-over-year Sequential Q3'22 Q2'22 Q3'21 Q3'22 vs Q3'21 Q3'22 vs Q2'22 Net revenue $2,074 $1,993 $1,700 $374 22 % $81 4 % Gross profit 610 $538 $300 $310 103 % $72 13 %Gross margin 29.4 % 27.0 % 17.6 % +1,180bps +240bps Adjusted gross profit(1) $621 $559 $306 $315 103 % $62 11 %Adjusted gross margin 29.9 % 28.0 % 18.0 % +1,190bps +190bps Operating profit $357 $297 $52 $305 587% $60 20 %Oper...