$GlobalFoundries (GFS.US)$ The company released its third-quarter financial report before the market on November 5th, Eastern Time. The data shows that the company's Q3 revenue decreased by 5.9% year-on-year to $1.739 billion, exceeding the market's general expectation of $1.72 billion. non-GAAP earnings per share were $0.41, surpassing the market's general expectation of $0.33. In addition, the company also provided an optimistic outlook for performance.

GlobalFoundries' strong performance is attributed to consistent execution in its chip technology portfolio and successful key designs. The company has established a new partnership with NXP Semiconductors (NXPI.US) utilizing its 22FDX fabrication technology platform. This collaboration aims to optimize NXP's power consumption, performance, and time-to-market solutions for a range of autos, internet of things, and smart mobile devices. The 22FDX chips from GlobalFoundries will be produced in Dresden, Germany, and Malta, New York, providing geographically diversified supply for NXP's customers.

CEO Thomas Caulfield stated: 'We have delivered financial results consistent with the upper end of the performance guidance provided in the report released in August.' He added that by the end of 2024, the company still expects free cash flow growth to triple year-on-year after adjustments.

Looking ahead, GlobalFoundries is optimistic about the fourth quarter outlook. The company expects revenue to be between $1.8 billion and $1.85 billion, while analysts' expectations are $1.804 billion. Adjusted earnings per share are projected to be between $0.29 and $0.43, compared to the market expectation of $0.38.

The strong performance and guidance highlight GlobalFoundries' resilience in the face of ongoing industry uncertainties. With $4.3 billion in cash and marketable securities, the company appears prepared to address recent challenges and simultaneously invest in future growth opportunities.