Summary by Futu AI
GlobalFoundries Inc., a leading semiconductor foundry, filed its quarterly report on Form 6-K with the United States Securities and Exchange Commission for the first quarter of 2024. The report, signed by Chief Financial Officer John Hollister on May 7, 2024, includes unaudited interim condensed consolidated financial statements for the period ending March 31, 2024. The financial statements reveal a net revenue of $1.549 billion, a decrease from the $1.841 billion reported in the same period of the previous year. The company's gross profit also saw a decline to $393 million from $515 million year-over-year. Despite the lower revenue and profit, GlobalFoundries reported a net income of $134 million for the quarter, compared to $254 million in the prior year. The company's total assets increased slightly to $18.454 billion from $18.044 billion at the end of the previous quarter. The report also includes detailed notes on the company's financial position, earnings per share, and cash flows, among other disclosures.
