GlobalFoundries climbs on Wall Street

(Boursier.com) — GlobalFoundries , the Californian semiconductor manufacturer, announced revenues and profits higher than market expectations for the closed quarter. The firm generated first-quarter net income of $134 million and adjusted earnings of $174 million, or 31 cents per share, compared to 52 cents per share a year earlier. Revenue declined to $1.55 billion, compared to $1.85 billion a quarter before and $1.84 billion a year earlier. The consensus, however, was even lower, at 1.52 billion in revenue and 23 cents in adjusted EPS. For the current quarter, GlobalFoundries expects adjusted earnings of 24 to 34 cents per share and IFRS sales of $1.59 to $1.64 billion. The stock began the day with a sharp rise of 8% on Wall Street.