GlobalFoundries (NASDAQ: GFS) stock was up in morning trading on Tuesday after the semiconductor contract manufacturing and design company delivered robust Q3 results.
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The company posted revenues of $2.1 billion in Q3, a growth of 22% year-over-year and powering ahead of analysts’ estimates by $50 million. Adjusted earnings came in at $0.67 per share in the third quarter versus $0.58 in the same period last year and beating Street estimates of $0.62.
In Q4, GFS has forecasted its revenues to range between $2,050 million and $2,100 million while adjusted diluted earnings is expected to come in the range of $1.24 to $1.44 per share.
