MALTA, N.Y., Nov. 05, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries Inc. (GF) (NASDAQ:GFS) today announced preliminary financial results for the third quarter ended September 30, 2024. Key Third Quarter Financial Highlights Revenue of $1.739 billionGross margin of 23.8% and Non-IFRS gross margin(1) of 24.7%Operating margin of 10.6% and Non-IFRS operating margin(1) of 13.6%Net income of $178 million and Non-IFRS net income(1) of $229 millionNon-IFRS adjusted EBITDA(1) of $627 millionCash, cash equivalents and marketable securities of $4.3 billionYear to date net cash provided by operating activities of $1,265 million and Non-IFRS adjusted free cash flow(1) of $779 million "In the third quarte

MALTA, N.Y., Oct. 07, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries (NASDAQ:GFS) today announced that it will host a conference call on Tuesday, November 5, 2024, at 8:30 a.m. ET following the release of the company's third quarter 2024 financial results. Conference Call and Webcast Information The company will host a conference call with the financial community on Tuesday, November 5, 2024, at 8:30 a.m. ET. Interested parties may join the scheduled conference call by registering here. The company's financial results and a webcast of the conference call will be available on GlobalFoundries' Investor Relations website at https://investors.gf.com. About GF GlobalFoundries (GF) is o

MALTA, N.Y., Aug. 06, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries Inc. (GF) (NASDAQ:GFS) today announced preliminary financial results for the second quarter ended June 30, 2024. Key Second Quarter Financial Highlights Revenue of $1.632 billionGross margin of 24.2% and Non-IFRS gross margin(1) of 25.2%Operating margin of 9.5% and Non-IFRS operating margin(1) of 13.0%Net income of $155 million and Non-IFRS net income(1) of $211 millionNon-IFRS Adjusted EBITDA(1) of $610 millionCash, cash equivalents and marketable securities of $4.1 billionYear to date net cash provided by operating activities of $890 million and Non-IFRS adjusted free cash flow of $563 million "In the sec

MALTA, N.Y., July 08, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries (NASDAQ:GFS) today announced that it will host a conference call on Tuesday, August 6, 2024, at 8:30 a.m. ET following the release of the company's second quarter 2024 financial results. Conference Call and Webcast Information The company will host a conference call with the financial community on Tuesday, August 6, 2024, at 8:30 a.m. ET. Interested parties may join the scheduled conference call by registering here. The company's financial results and a webcast of the conference call will be available on GlobalFoundries' Investor Relations website at https://investors.gf.com. About GF GlobalFoundries (GF) is one

MALTA, N.Y., May 07, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries Inc. (GF) (NASDAQ:GFS) today announced preliminary financial results for the first quarter ended March 31, 2024. Key First Quarter Financial Highlights Revenue of $1.549 billionGross margin of 25.4% and Non-IFRS gross margin(1) of 26.1%Operating margin of 9.5% and Non-IFRS operating margin(1) of 12.1%Net income of $134 million and Non-IFRS net income(1) of $174 millionNon-IFRS EBITDA(1) of $577 millionCash, cash equivalents and marketable securities of $4.2 billion "In the first quarter, GF's dedicated teams across the world delivered financial results that exceeded the high end of the guidance ranges we provided in our Febru

MALTA, N.Y., April 05, 2024 (GLOBE NEWSWIRE) --  GlobalFoundries (NASDAQ:GFS) today announced that it will host a conference call on Tuesday, May 7, 2024, at 8:30 a.m. ET following the release of the company's first quarter 2024 financial results. Conference Call and Webcast Information The company will host a conference call with the financial community on Tuesday, May 7, 2024, at 8:30 a.m. ET. Interested parties may join the scheduled conference call by registering here. The company's financial results and a webcast of the conference call will be available on GlobalFoundries' Investor Relations website at https://investors.gf.com. About GF GlobalFoundries (GF) is one of the world's

MALTA, N.Y., Feb. 13, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries Inc. (GF) (NASDAQ:GFS) today announced preliminary financial results for the fourth quarter and fiscal year ended December 31, 2023. Key Fourth Quarter Financial Highlights Revenue of $1.854 billion.Gross margin of 28.3% and adjusted gross margin(1) of 29.0%.Operating margin of 16.3% and adjusted operating margin(1) of 20.7%.Net income of $278 million and adjusted net income(1) of $356 million.Adjusted EBITDA(1) of $773 million.Cash, cash equivalents and marketable securities of $3.9 billion. Key Full Year 2023 Financial Highlights Revenue of $7.4 billion.Gross margin of 28.4% and adjusted gross margin(1) of 29.1%.Net inco

MALTA, N.Y., Jan. 08, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries (NASDAQ:GFS) today announced that it will host a conference call on Tuesday, February 13, 2024, at 8:30 a.m. ET following the release of the company's fourth quarter and full-year 2023 financial results. Conference Call and Webcast Information The company will host a conference call with the financial community on Tuesday, February 13, 2024, at 8:30 a.m. ET. Interested parties may join the scheduled conference call by registering here. The company's financial results and a webcast of the conference call will be available on GlobalFoundries' Investor Relations website at https://investors.gf.com. About GF GlobalFoundries In

MALTA, N.Y., Nov. 16, 2023 (GLOBE NEWSWIRE) -- GlobalFoundries (NASDAQ:GFS) (GF) announced today that it is launching a new student loan repayment program to help current employees and new recruits pay down student loan debt. The new benefit program is part of the company's multi-million dollar investment to strengthen the semiconductor talent workforce by helping to ease the financial burden of higher education and training of our present and future employees. Under GF's new benefit program, set to begin in early 2024, U.S.-based employees and new hires that meet eligibility guidelines will be able to receive a tax-free, lifetime total of $28,500 toward their student debt, enabling emplo

MALTA, N.Y., Nov. 07, 2023 (GLOBE NEWSWIRE) -- GlobalFoundries Inc. (GF) (NASDAQ:GFS) today 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(1) of 29.2%.Operating margin of 14.1% and adjusted operating margin(1) of 17.4%.Net income of $249 million and adjusted net income(1) of $308 million.Adjusted EBITDA(1) 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

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Up to $1.5 billion from CHIPS and Science Act to support GF's New York expansion plans and Vermont facility modernization Additional $550 million from New York State confirmed MALTA, N.Y., Nov. 20, 2024 (GLOBE NEWSWIRE) --  GlobalFoundries (NASDAQ:GFS) (GF) and the U.S. Department of Commerce have announced an award of up to $1.5 billion in direct funding to GF through the CHIPS and Science Act. The award follows the previously signed preliminary memorandum of terms announced in February 2024 and will enable GF to expand its essential chip manufacturing and technology development in the U.S., strengthening supply chains and supporting customers across a range

MALTA, N.Y., Nov. 05, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries Inc. (GF) (NASDAQ:GFS) today announced preliminary financial results for the third quarter ended September 30, 2024. Key Third Quarter Financial Highlights Revenue of $1.739 billionGross margin of 23.8% and Non-IFRS gross margin(1) of 24.7%Operating margin of 10.6% and Non-IFRS operating margin(1) of 13.6%Net income of $178 million and Non-IFRS net income(1) of $229 millionNon-IFRS adjusted EBITDA(1) of $627 millionCash, cash equivalents and marketable securities of $4.3 billionYear to date net cash provided by operating activities of $1,265 million and Non-IFRS adjusted free cash flow(1) of $779 million "In the third quarte

MALTA, N.Y. and EINDHOVEN, Netherlands, Oct. 23, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries (NASDAQ:GFS) (GF) and NXP Semiconductors (NASDAQ:NXPI) today announced collaboration to drive next-generation solutions across a range of end markets including automotive, IoT and smart mobile devices. This collaboration leverages GF's 22FDX® process technology platform and global manufacturing footprint to optimize the power, performance and time-to-market of NXP's solutions. GF's 22FDX chips will be manufactured in Dresden and Malta, New York, providing NXP geographically diverse supply for their customers. The new collaboration, building on the longtime relationship between NXP and GF, will enable

MALTA, N.Y., Oct. 07, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries (NASDAQ:GFS) today announced that it will host a conference call on Tuesday, November 5, 2024, at 8:30 a.m. ET following the release of the company's third quarter 2024 financial results. Conference Call and Webcast Information The company will host a conference call with the financial community on Tuesday, November 5, 2024, at 8:30 a.m. ET. Interested parties may join the scheduled conference call by registering here. The company's financial results and a webcast of the conference call will be available on GlobalFoundries' Investor Relations website at https://investors.gf.com. About GF GlobalFoundries (GF) is o

SILICON VALLEY, Calif. and MALTA, N.Y., Sept. 09, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries (NASDAQ:GFS) (GF) and Silicon Catalyst, the world's only incubator+accelerator focused exclusively on semiconductor solutions, today announced that GF has joined the incubator's semiconductor startup ecosystem as a Strategic Partner and an In-Kind Partner (IKP). The partnership will provide innovative startups with access to GF's differentiated platforms to speed the development and commercialization of next generation IoT, automotive and generative AI applications while anticipating future growth markets such as medical and quantum compute. As a Strategic Partner, GF will work closely with Silico

SANTA CLARA, Calif., Aug. 28, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries (NASDAQ:GFS) (GF) will kick off its annual Technology Summit series tomorrow, highlighting the critical role of GF-made essential chips in accelerating the impact and ubiquity of artificial intelligence. The theme of "AI Everywhere" will connect the keynotes, panel discussions and deep-dive sessions of GF's annual technology-focused event, which brings together leaders from across the semiconductor industry to share insights on the latest technology advancements and trends. GF customers, partners and attendees will hear how GF technology platforms provide the flexibility and reliability that will drive advancements in

MALTA, N.Y., Aug. 06, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries Inc. (GF) (NASDAQ:GFS) today announced preliminary financial results for the second quarter ended June 30, 2024. Key Second Quarter Financial Highlights Revenue of $1.632 billionGross margin of 24.2% and Non-IFRS gross margin(1) of 25.2%Operating margin of 9.5% and Non-IFRS operating margin(1) of 13.0%Net income of $155 million and Non-IFRS net income(1) of $211 millionNon-IFRS Adjusted EBITDA(1) of $610 millionCash, cash equivalents and marketable securities of $4.1 billionYear to date net cash provided by operating activities of $890 million and Non-IFRS adjusted free cash flow of $563 million "In the sec

MALTA, N.Y., July 08, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries (NASDAQ:GFS) today announced that it will host a conference call on Tuesday, August 6, 2024, at 8:30 a.m. ET following the release of the company's second quarter 2024 financial results. Conference Call and Webcast Information The company will host a conference call with the financial community on Tuesday, August 6, 2024, at 8:30 a.m. ET. Interested parties may join the scheduled conference call by registering here. The company's financial results and a webcast of the conference call will be available on GlobalFoundries' Investor Relations website at https://investors.gf.com. About GF GlobalFoundries (GF) is one

MALTA, N.Y., July 01, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries (NASDAQ:GFS) (GF) today announced that it has acquired Tagore Technology's proprietary and production proven Power Gallium Nitride (GaN) IP portfolio, a high-power density solution designed to push the boundaries of efficiency and performance in a wide range of power applications in automotive, internet of things (IoT) and artificial intelligence (AI) datacenter. As the digital world continues to evolve with technologies like Generative AI, GaN stands out as a pivotal solution for sustainable and efficient power management particularly in datacenters. Today's announcement reinforces GF's commitment to large-scale manufacturing

MALTA, N.Y., June 20, 2024 (GLOBE NEWSWIRE) -- BAE Systems (LON: BA) and GlobalFoundries (NASDAQ:GFS) (GF) today announced a new collaboration to strengthen the supply of critical semiconductors for national security programs. Under the strategic agreement, the companies will align technology roadmaps and collaborate on long-term strategies for increasing U.S. semiconductor innovation and manufacturing, with the joint goal of advancing the ecosystem for domestic fabrication and packaging of secure chips and solutions for use in aerospace and defense systems. Together, the companies will engage in long-term planning for emerging technologies and collaborate on research and development in a

UBS initiated coverage of GlobalFoundries with a rating of Neutral and set a new price target of $47.00

Morgan Stanley downgraded GlobalFoundries from Overweight to Equal-Weight and set a new price target of $43.00 from $53.00 previously

TD Cowen reiterated coverage of GlobalFoundries with a rating of Buy and set a new price target of $55.00 from $65.00 previously

Jefferies initiated coverage of GlobalFoundries with a rating of Buy and set a new price target of $62.00 from $67.00 previously

Evercore ISI initiated coverage of GlobalFoundries with a rating of Outperform and set a new price target of $71.00

Cantor Fitzgerald downgraded GlobalFoundries from Overweight to Neutral and set a new price target of $55.00 from $70.00 previously

Susquehanna downgraded GlobalFoundries from Positive to Neutral and set a new price target of $48.00

Citigroup downgraded GlobalFoundries from Buy to Neutral and set a new price target of $56.00 from $70.00 previously

JP Morgan downgraded GlobalFoundries from Overweight to Neutral and set a new price target of $56.00 from $65.00 previously

Cantor Fitzgerald initiated coverage of GlobalFoundries with a rating of Overweight and set a new price target of $70.00

MALTA, N.Y., July 01, 2024 (GLOBE NEWSWIRE) -- GlobalFoundries (NASDAQ:GFS) (GF) today announced that it has acquired Tagore Technology's proprietary and production proven Power Gallium Nitride (GaN) IP portfolio, a high-power density solution designed to push the boundaries of efficiency and performance in a wide range of power applications in automotive, internet of things (IoT) and artificial intelligence (AI) datacenter. As the digital world continues to evolve with technologies like Generative AI, GaN stands out as a pivotal solution for sustainable and efficient power management particularly in datacenters. Today's announcement reinforces GF's commitment to large-scale manufacturing

MALTA, N.Y., May 09, 2023 (GLOBE NEWSWIRE) -- GlobalFoundries (NASDAQ:GFS) (GF) today announced the appointment of two new senior executives to its leadership team. Tim Stone has been appointed as the new Chief Financial Officer (CFO), taking over for David Reeder who will leave the company after transitioning to Stone over the coming months, and Niels Anderskouv will join as the new Chief Business Officer (CBO). As CFO, Mr. Stone will build on the strong foundation laid by current CFO, David Reeder, and will focus on accelerating GF's financial performance. Mr. Stone brings a world-class finance pedigree to GF including more than 20 years building Amazon's global business in senior finan

MALTA, N.Y., Nov. 21, 2022 /PRNewswire/ -- GlobalFoundries (NASDAQ:GFS) (GF), a global leader in feature-rich semiconductor manufacturing, today announced the appointment of Ashlie Wallace as Senior Vice President of Global Supply Chain, effective November 28, 2022. In this role, Ms. Wallace will spearhead GF's global supply chain operations including logistics, supply planning, sourcing, and procurement to drive operational efficiency that will support the company's continued growth. "Ashlie's deep expertise in supply chain management will continue to ensure GF is at the fore

Experienced HR executive joins GF leadership team MALTA, N.Y., Aug. 25, 2022 /PRNewswire/ -- GlobalFoundries (NASDAQ:GFS) (GF), a global leader in feature-rich semiconductor manufacturing, today announced the appointment of Pradheepa Raman as Chief People Officer. The appointment is effective September 12, 2022.  An experienced human resources executive with demonstrated success in driving positive change to the employee experience and building organizational resiliency through skills development, Raman will be responsible for leading all aspects of GF's worldwide human resour

MALTA, N.Y., March 3, 2022 /PRNewswire/ -- GlobalFoundries Inc. (NASDAQ:GFS) (GF) today 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 of corporate strategy at Microsoft, where he is responsible for developing and driving growth-oriented strategies. Dr. Yerramilli-Rao's appointment is effective immediately and expands the GF board to 11 directors, including five independent directors. He will be a member of the Strategy & Techno