GlobalFoundries stock jumps as Q4 results beat expectations, forecast higher as well
Contract semiconductor manufacturer GlobalFoundries this afternoon reported Q4 revenue and profit that both beat Wall Street's expectations, and an outlook that was higher as well for the current quarter.
The report sent GlobalFoundries shares up 6% in late trading.
CEO Thomas Caulfield remarked the year just ended "was an outstanding year for GF, during which we drove an acceleration of our business plan by capitalizing on the demand for pervasive semiconductor solutions and the vital role we play in the semiconductor supply chain."
Added Caulfield, "Our revenue grew 36% year-over-year, and we made significant progress towards our long-term financial profit model.
"The year was also marked by a growing number of long-term partnership agreements, with 30 customers committing more than $3.2 billion toward the continued expansion of our global manufacturing footprint to support strong demand."
Caulfield said Global is "executing well, and believe we are on track to deliver another year of strong growth in revenue and profitability in 2022."
The report follows a report in November during which Caufield told analysts the company faced shortages of supply for its customers through 2022.
Also: GlobalFoundries CEO: Chip supply challenge to continue in 2022
Revenue in the three months ended in December rose 74%, year over year, and 9%, quarter to quarter, to $1.85 billion, yielding a net profit of 18 cents a share, excluding some costs.
Analysts had been modeling $1.82 billion and 11 cents per share.
The company's adjusted, non-GAAP gross profit was 21.5%, swinging from a negative gross margin of 20.5% in the year-earlier quarter, and up from 18% in Q3.
More details on the results are available in a companion financial presentation.
For the current quarter, the company sees revenue of $1.88 billion to $1.92 billion, and EPS in a range of 21 cents to 27 cents, excluding some costs. That compares to consensus for $1.84 billion and a 23-cent profit per share.
Gross profit margin, on an adjusted basis, is expected to come in at 22.3%, the company said.
GlobalFoundries management will host a conference call with analyts at 4:30 pm, Eastern time, and you can catch a webcast of it on the company's investor relations Web site.