Summary by Futu AI
GlobalFoundries Inc., a leading semiconductor foundry, reported a decrease in net revenue for both the three and nine months ended September 30, 2024, compared to the same periods in 2023. The company's financial results, filed with the SEC, showed a 6.1% drop in quarterly revenue and an 11.2% decrease for the nine-month period. The decline was attributed to lower wafer shipment volumes due to elevated inventory levels among customers and macroeconomic uncertainties. Despite a modest quarterly revenue improvement in 2024, demand remains subdued compared to 2022 and 2023. GlobalFoundries also renegotiated certain long-term agreements with customers to reflect lower volume commitments. The company's cost of revenue saw a slight increase for the quarter but decreased for the nine-month period, with gross margins shrinking...Show More