GlobalFoundries (GFS, Financial) saw its stock jump nearly 14% to $41 in pre-market trading following the release of its third-quarter financial results. The company reported a 5.9% year-over-year decline in revenue, reaching $1.739 billion, which surpassed the market's expectations of $1.72 billion. Additionally, its Non-GAAP earnings per share stood at $0.41, beating the estimated $0.33.
The CEO, Thomas Caulfield, highlighted that the results aligned with the upper range of guidance provided in their August earnings report. He also stated the firm maintains an optimistic outlook, expecting adjusted free cash flow to grow approximately threefold by the end of 2024.
