GlobalFoundries' Q1 automotive chip revenue soared 122%! However, the Q2 financial forecast was lower than expected, and the stock price fell by 9%

According to news on May 10, the foundry #GlobalFoundries announced its financial report for the first quarter of 2023 as of March 31 before the U.S. stock market on Tuesday (May 9). The revenue was US$1.841 billion, a year-on-year decrease of 5%. , down 12% month-on-month, the adjusted gross profit margin increased by 320 basis points (down 160 basis points quarterly) to 28.5%, and the adjusted EBITDA (earnings before interest, tax, depreciation and amortization) fell 6% year-on-year (down 20% quarter-on-quarter) to 655 million U.S. dollars, net profit of 254 million U.S. dollars, an increase of about 43% year-on-year (down 62% month-on-month), adjusted diluted earnings per share increased by 24% year-on-year (down 64% month-on-month) to $0.52.

According to the data released at the financial report meeting, the revenue of smart mobile devices in the first quarter fell 29% year-on-year (down 15% month-on-month) to US$696 million, which is still the largest terminal market of GlobalFoundries; communication infrastructure and data centers in the first quarter Revenue increased by 8% year-on-year (down 9% quarter-on-quarter) to US$352 million; home and industrial Internet of Things (IoT) revenue in the first quarter increased by 7% year-on-year (down 17% quarter-on-quarter) to US$344 million; personal computing business ranked first Quarterly revenue fell 12% year-on-year (down 69% quarter-on-quarter) to US$36 million; automotive chip business revenue in the first quarter increased 122% year-on-year (57% quarter-on-quarter) to US$180 million, the fastest growth rate among all product lines .

Although GF's performance in the first quarter was slightly higher than market expectations, GF's second-quarter performance guidance was lower than market expectations.

GlobalFoundries expects second-quarter revenue to be between $1.810 billion and $1.850 billion (the midpoint is $1.83 billion), and adjusted diluted earnings per share to be between $0.46 and $0.54 (the midpoint is $0.50). Analysts expect GF’s second-quarter revenue of $1.85 billion and adjusted diluted earnings per share of $0.51.

Affected by this, GF’s stock price fell 9.31% on Tuesday, closing at $54.23 per share, a new closing low since January 6.

Judging from the latest quarterly financial reports of #Qualcomm, NXP Semiconductors, STMicroelectronics, and Texas Instruments, the automotive terminal market is one of the few bright spots in the financial reports.