GLOBALFOUNDRIES Inc. (GFS), a semiconductor foundry, Wednesday reported higher earnings for the third quarter compared to the same period last year, mainly helped by lesser cost of revenue. However, revenue decreased by 3 percent.
Further the company provided its outlook for the fourth quarter.
GFS shares were trading up around 5.92 percent in the pre-market.
Quarterly earnings rose 40 percent to $249 million or $0.44 per share from $178 million or $0.32 per share of last year.
Excluding items, earnings increased 1 percent to $232 million or $0.41 per share from $229 million or $0.41 per share of the previous year.
On average, analysts were expecting earnings of $0.38 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue climbed down to $1.68 billion from $1.74 billion of the prior year. The cost of revenue was $1.27 billion compared to $1.325 billion of last year.
The Street view for revenue was $1.68 billion.
Tim Breen, CEO said, "For the fourth consecutive quarter, we saw strong year-over-year revenue growth in both our Automotive and Communications Infrastructure and Data Center end markets."
Looking forward to the next quarter, the company expects earnings of $0.35 per share with an increase or decrease of $0.05 per share. Adjusted earnings are expected to be $0.47 per share with and increase or decrease of $0.05 per share.
The outlook for revenue is $1.85 billion with an increase or decrease of $25 million for the fourth quarter.
In pre-market activity, GFS shares are trading at $36.87, up 5.92% on the Nasdaq.
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