GlobalFoundries Inc. (GF) reported its financial results for the fourth quarter and fiscal year 2023 on February 13, 2024. The company announced a Q4 revenue of $1.854 billion, with a gross margin of 28.3% and an operating margin of 16.3%. The adjusted gross margin and operating margin stood at 29.0% and 20.7%, respectively. Net income for Q4 was $278 million, with an adjusted net income of $356 million. The full-year revenue was $7.4 billion, with a gross margin of 28.4% and a net income of $1.0 billion. Adjusted EBITDA for the year reached $2.8 billion. GF's CEO, Dr. Thomas Caulfield, highlighted the company's growth in the Automotive end market, which generated over $1 billion in revenue in 2023. The company also welcomed John Hollister as the new CFO. Notable business developments included a multi-year...Show More

GlobalFoundries Inc. (GF) reported its financial results for the fourth quarter and fiscal year 2023 on February 13, 2024. The company announced a Q4 revenue of $1.854 billion, with a gross margin of 28.3% and an operating margin of 16.3%. The adjusted gross margin and operating margin stood at 29.0% and 20.7%, respectively. Net income for Q4 was $278 million, with an adjusted net income of $356 million. The full-year revenue was $7.4 billion, with a gross margin of 28.4% and a net income of $1.0 billion. Adjusted EBITDA for the year reached $2.8 billion. GF's CEO, Dr. Thomas Caulfield, highlighted the company's growth in the Automotive end market, which generated over $1 billion in revenue in 2023. The company also welcomed John Hollister as the new CFO. Notable business developments included a multi-year supply agreement with Infineon and a $35 million federal funding award to accelerate the manufacturing of gallium nitride semiconductors. GF was also recognized on Newsweek's list of 'America's Most Responsible Companies' for the second consecutive year. Looking ahead, GF provided guidance for Q1 2024, expecting net revenue between $1.5 billion and $1.54 billion, with adjusted gross margins around 24%.