GlobalFoundries revenue drops 16% to $1.54 bn in first-quarter

GlobalFoundries said its revenue fell 16 percent to $1.549 billion with net income of $134 million during the first quarter of 2024.
GlobalFoundries has generated sales revenue of $680 million (down 2 percent) from Smart Mobile Devices, $120 million (down 66 percent) from Communications Infrastructure & Datacenter, $309 million (down 19 percent) from Home and Industrial IoT, $266 million (up 48 percent) from Automotive and $174 million (down 25 percent) from Non-Wafer and Corporate Other in Q1 2024.

GlobalFoundries is targeting revenue of $1,590 million – $1,640 million during the current quarter with net income of $78 million – $146 million.

“As pockets of the semiconductor industry begin to emerge from the inventory correction, our teams are driving foundry innovation and differentiation for our customers across their essential end-markets,” Thomas Caulfield, president and CEO of GlobalFoundries, said.

GF awarded $1.5 billion in direct funding for its New York and Vermont facilities, under the U.S. CHIPS and Science Act.

New York State announced over $600 million in funding under the New York State Green CHIPS and other state benefits for GF’s two Malta, New York projects.

GF announced two new long-term goals to achieve net-zero greenhouse gas emissions and 100 percent carbon neutral power by 2050.