Business

GlobalFoundries tops second quarter estimates on AI chip demand

Read a summary of this article on FAST.

Get bite-sized news via a new
cards interface. Give it a try.

Click here to return to FAST
Tap here to return to FAST

Aug 5 : GlobalFoundries reported second-quarter revenue above Wall Street estimates on Wednesday, as growing demand for its chips used in data centers boosted sales.

• GlobalFoundries makes specialty chips for communications, data centers, automotive, industrial and consumer electronics companies.

• The company reported second-quarter revenue of $1.79 billion; analysts on average estimated $1.77 billion, according to data compiled by LSEG.

• Adjusted diluted earnings per share came in at 46 cents, above analysts’ estimate of 44 cents.

Show More

Show Less

• Spending on artificial intelligence infrastructure has increased demand for its silicon photonics chips, which use light instead of electrical signals to move data faster inside AI data centers.

• The specialty chip maker forecast third-quarter revenue of $1.89 billion, plus or minus $25 million, roughly in line with analysts’ estimate of $1.88 billion.

• Adjusted free cash flow was negative $3 million, compared with positive $277 million a year earlier.

• In March, Global Foundries sued Israel-based rival Tower Semiconductor alleging the Israeli chipmaker infringed 11 patents related to manufacturing chips used in smartphones and other electronics.

Source: Reuters

Sign up for our newsletters

Get our pick of top stories and thought-provoking articles in your inbox

Get the CNA app

Stay updated with notifications for breaking news and our best stories

Get WhatsApp alerts

Join our channel for the top reads for the day on your preferred chat app

Get bite-sized news via a new
cards interface. Give it a try.

Click here to return to FAST
Tap here to return to FAST

About The Author

admin

See author's posts