GlobalFoundries Q3 2024 result indicated that its revenue fell 6 percent to $1.739 billion though it’s expected to benefit from demand for AI smartphones.
GlobalFoundries, one of the leading contract chipmakers, said its revenue from smart mobile devices market rose 11 percent to $868 million in the third-quarter quarter of 2024.
Global smartphone shipments grew 5 percent in Q3 2024, reaching 309.9 million units, the strongest Q3 performance since 2021, according to Canalys research Analyst Le Xuan Chiew.
GlobalFoundries said revenue from Home and Industrial IoT business fell 25 percent to $308 million.
The global industrial IoT market size is projected to reach $286.3 billion by 2029 from $194.4 billion in 2024, growing at a CAGR of 8.1 percent during the forecast period from 2024 to 2029.
GlobalFoundries said revenue from Automotive business decreased 16 percent to $256 million.
The size of the automotive semiconductor market is estimated to reach $70 billion by 2027 from $42.9 billion in 2022, growing at a CAGR of 10.1 percent during the forecast period from 2022 to 2027.
GlobalFoundries said non-wafer revenue fell 16 percent to $174 million.
GlobalFoundries said revenue from Communications Infrastructure & Datacenter business dropped 15 percent to $133 million.
New York-based GlobalFoundries forecast fourth-quarter revenue of $1.8 billion – $1.85 billion, driven by recovering semiconductor demand from smartphone makers.
Research firm IDC said global smartphone shipments increased 4 percent to 316 million units in the third quarter.
Qualcomm, a major supplier to Apple, and one of GlobalFoundries’ largest customers, is anticipated to benefit from the expected demand for AI-enabled iPhones from Apple during the upcoming holiday season.
GlobalFoundries
GlobalFoundries and NXP Semiconductors have expanded their partnership, focusing on GF’s 22FDX process technology. This collaboration aims to enhance the performance and power efficiency of NXP’s solutions for automotive, IoT, and smart mobile devices. The 22FDX chips will be produced at GF’s facilities in Dresden, Germany, and Malta, New York, ensuring a geographically diverse supply chain for NXP.
GlobalFoundries held its annual Technology Summit in Santa Clara, California; Munich, Germany; and Shanghai, China, gathering over 1,000 customers and partners. The event showcased how GF’s chips are integral to enabling AI Everywhere.
GlobalFoundries entered an agreement with Finwave Semiconductor, a pioneer in GaN (gallium nitride) technology. This partnership will scale Finwave’s GaN-on-Si technology for production at GF’s 200mm fabrication facility in Burlington, Vermont, expanding GF’s capabilities in advanced semiconductor manufacturing.