GlobalFoundries reported Q3 2024 revenue of $1.74 billion, down 6.1% YoY, with wafer shipments declining 5% to 549,000 units due to elevated customer inventory levels. Gross margin contracted to 23.8% from 28.6% YoY, impacted by reduced factory utilization and fixed cost absorption. Smart Mobile Devices segment grew 11.4%, while other segments saw declines.The company's operating performance reflected broader market challenges, with net income declining amid weaker demand across Home and Industrial IoT, Communications Infrastructure, and Automotive markets. R&D expenses increased 20.4% to $130 million, while SG&A costs decreased 31.5% to $98 million, benefiting from tax credits and lower withholding taxes.Despite market headwinds, GlobalFoundries maintained a strong liquidity position with $4.3 billion in cash and marketable securities as of September 30, 2024. The company continues to navigate through macro-economic uncertainties, including inflation and geopolitical conflicts, while working closely with customers to manage inventory levels and preserve commercial agreements.

GlobalFoundries reported Q3 2024 revenue of $1.74 billion, down 6.1% YoY, with wafer shipments declining 5% to 549,000 units due to elevated customer inventory levels. Gross margin contracted to 23.8% from 28.6% YoY, impacted by reduced factory utilization and fixed cost absorption. Smart Mobile Devices segment grew 11.4%, while other segments saw declines.The company's operating performance reflected broader market challenges, with net income declining amid weaker demand across Home and Industrial IoT, Communications Infrastructure, and Automotive markets. R&D expenses increased 20.4% to $130 million, while SG&A costs decreased 31.5% to $98 million, benefiting from tax credits and lower withholding taxes.Despite market headwinds, GlobalFoundries maintained a strong liquidity position with $4.3 billion in cash and marketable securities as of September 30, 2024. The company continues to navigate through macro-economic uncertainties, including inflation and geopolitical conflicts, while working closely with customers to manage inventory levels and preserve commercial agreements.