Latest news with #TimBreen
Business Upturn
2 days ago
- Business
- Business Upturn
GlobalFoundries Expands Partnership with Apple to Advance Wireless Connectivity and Power Management, Reinforcing U.S. Chip Manufacturing Leadership
MALTA, N.Y., Aug. 06, 2025 (GLOBE NEWSWIRE) — GlobalFoundries (Nasdaq: GFS) (GF) today announced it has entered into an agreement with Apple for a deeper collaboration that will advance semiconductor technologies and strengthen U.S. manufacturing. This partnership will enable GF to accelerate investments at its state-of-the-art semiconductor manufacturing facility in Malta, New York, underscoring a shared commitment to strengthen U.S.-based innovation and production of power-efficient, AI-enabling technologies that are essential to the future of mobile computing and intelligent devices. 'Today's announcement is a significant milestone in our decade-long partnership with Apple, as we work together to manufacture critical wireless connectivity technologies and power management solutions, key parts of next-generation AI-enabled devices,' said Tim Breen, CEO of GlobalFoundries. 'This is a testament to GF's technology differentiation, coupled with our unique secure and onshore capabilities, and the trust Apple has placed in GF to deliver and build the advanced chips that power its next-generation smart mobile technologies. This agreement builds on our prior announcements and reinforces our shared commitment to strengthening U.S. semiconductor manufacturing and building a more resilient onshore supply chain.' 'With our new American Manufacturing Program, we're proud to partner with companies like GlobalFoundries to create new jobs and bring even more manufacturing to America,' said Sabih Khan, Apple's chief operating officer. 'This is part of our $600 billion commitment to the US over the next four years, and we couldn't be more excited about the future of American innovation.' In June, in collaboration with major technology partners, GF announced plans to invest $16 billion to expand semiconductor manufacturing and advanced packaging across its facilities in New York and Vermont. These efforts are supported by and aligned with the administration's bold policies, which prioritize American leadership in AI, including domestic semiconductor manufacturing for national and supply chain security. About GF GlobalFoundries (GF) is a leading manufacturer of essential semiconductors the world relies on to live, work and connect. We innovate and partner with customers to deliver more power-efficient, high-performance products for automotive, smart mobile devices, internet of things, communications infrastructure and other high-growth markets. With our global manufacturing footprint spanning the U.S., Europe, and Asia, GF is a trusted and reliable source for customers around the world. Every day, our talented global team delivers results with an unyielding focus on security, longevity and sustainability. For more information, visit ©GlobalFoundries Inc., GF, GlobalFoundries, the GF logos and other GF marks are trademarks of GlobalFoundries Inc. or its subsidiaries. All other trademarks are the property of their respective owners. Media Contact:Erica McGillGlobalFoundries [email protected]
CTV News
4 days ago
- Business
- CTV News
GlobalFoundries forecasts hit by slow smartphone demand recovery, shares fall
Semiconductor chips are assembled and organized on a workbench at the Nanotronics manufacturing centre at the Brooklyn Navy Yard, on April 28, 2021. (John Minchillo / AP) Contract chipmaker GlobalFoundries forecast revenue and profit for the third quarter below Wall Street estimates on Tuesday, as it grapples with a slow recovery in demand from clients in the consumer electronics market. Shares of the world's third-largest chip foundry, already down around 15 per cent this year, fell another six per cent in premarket trading. U.S. tariff-led economic uncertainty has pressured smartphone sales, with buyers pulling back on orders especially in the low-end segment. Data from IDC in July showed smartphone sales growth slowed to just one per cent in the June quarter. CEO Tim Breen, who was named to the top job in February, said the company was awaiting a 'return to meaningful growth across the consumer-driven end markets.' The company expects third-quarter net revenue of US$1.68 billion, plus or minus US$25 million, lower than the analysts' average estimate of US$1.79 billion, according to data compiled by LSEG. Adjusted profit per share is expected to be 38 cents, plus or minus 5 cents. The midpoint of that was below the 41 cents estimated by analysts. Still, lower costs and strong growth in its automotive and datacenter businesses helped GlobalFoundries surpass adjusted profit expectations for the second quarter. The company recently deepened its push into autos with a chipmaking deal with Continental. It also struck a deal in July to buy chip architecture supplier MIPS for an undisclosed sum to boost its offerings in industrial and AI processors. In June, it increased its investment plans to US$16 billion, allocating an additional US$1 billion to capital spending and US$3 billion to research in several emerging chip technologies, including those used in electric vehicles and AI servers. Net revenue rose 3.7 per cent in the three months ended June to US$1.69 billion, slightly above estimates of US$1.68 billion. Adjusted profit per share of 42 cents also beat estimates of 35 cents. --- Reporting by Aditya Soni in Bengaluru; Editing by Arun Koyyur
Yahoo
4 days ago
- Business
- Yahoo
GlobalFoundries Navigates Weak Outlook As Mobile Device Revenue Declines
GlobalFoundries (NASDAQ:GFS) stock dropped after it reported fiscal second-quarter 2025 results on Tuesday. The company's quarterly revenue growth of 3% year-on-year (Y/Y) to $1.69 billion, topping the analyst consensus estimate of $1.68 billion. The contract chipmaker's adjusted EPS of 42 cents beat the analyst consensus estimate of 35 mobile device revenue declined 10% from a year ago to $683 million. Communications infrastructure & data center revenue grew 11% Y/Y to $171 million. Home and industrial IOT revenue increased 2% Y/Y to $300 million. View more earnings on GFS Automotive revenue rose 36% Y/Y to $368 million. Non-wafer revenue grew 10% Y/Y to $166 million. The adjusted gross margin remained flat Y/Y at 25.2%. The adjusted operating margin increased by 130 bps to 13.4%. The adjusted EBITDA margin rose by 230 bps Y/Y to 15.3%. As of June 30, 2025, GlobalFoundries generated $431 million in operating cash flow and held $3.9 billion in cash and equivalents. CEO Tim Breen noted that continued momentum in the Automotive and Communications Infrastructure and Datacenter segments drove double-digit year-over-year revenue growth for both businesses. While GF awaits a recovery in consumer-driven markets, Breen emphasized the company's progress in strengthening its long-term customer value through the planned acquisition of MIPS and the establishment of a China-for-China foundry partnership. Outlook GlobalFoundries expects third-quarter revenue of $1.650 billion-$1.700 billion (prior $1.425 billion-$1.925 billion) versus the $1.774 billion analyst consensus estimate. The company expects adjusted EPS of $0.33-$0.43 (prior $0.31-$0.41) versus the $0.41 analyst consensus estimate. GlobalFoundries stock dropped 16% year-to-date due to the broader market downturn and a lack of significant exposure to the booming AI sector. Price Action: GFS stock is trading lower by 7.21% to $33.57 premarket at last check Tuesday. Photo by JHVEPhoto via Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? This article GlobalFoundries Navigates Weak Outlook As Mobile Device Revenue Declines originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
4 days ago
- Business
- Yahoo
GlobalFoundries forecasts hit by slow smartphone demand recovery, shares fall
(Reuters) -Contract chipmaker GlobalFoundries forecast revenue and profit for the third quarter below Wall Street estimates on Tuesday, as it grapples with a slow recovery in demand from clients in the consumer electronics market. Shares of the world's third-largest chip foundry, already down around 15% this year, fell another 6% in premarket trading. U.S. tariff-led economic uncertainty has pressured smartphone sales, with buyers pulling back on orders especially in the low-end segment. Data from IDC in July showed smartphone sales growth slowed to just 1% in the June quarter. CEO Tim Breen, who was named to the top job in February, said the company was awaiting a "return to meaningful growth across the consumer-driven end markets". The company expects third-quarter net revenue of $1.68 billion, plus or minus $25 million, lower than the analysts' average estimate of $1.79 billion, according to data compiled by LSEG. Adjusted profit per share is expected to be 38 cents, plus or minus 5 cents. The midpoint of that was below the 41 cents estimated by analysts. Still, lower costs and strong growth in its automotive and datacenter businesses helped GlobalFoundries surpass adjusted profit expectations for the second quarter. The company recently deepened its push into autos with a chipmaking deal with Continental. It also struck a deal in July to buy chip architecture supplier MIPS for an undisclosed sum to boost its offerings in industrial and AI processors. In June, it increased its investment plans to $16 billion, allocating an additional $1 billion to capital spending and $3 billion to research in several emerging chip technologies, including those used in electric vehicles and AI servers. Net revenue rose 3.7% in the three months ended June to $1.69 billion, slightly above estimates of $1.68 billion. Adjusted profit per share of 42 cents also beat estimates of 35 cents. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Star
4 days ago
- Business
- The Star
GlobalFoundries forecasts hit by slow smartphone demand recovery, shares fall
FILE PHOTO: A screen displays the company logo for semiconductor and chipmaker GlobalFoundries Inc. during the company's IPO at the Nasdaq MarketSite in Times Square in New York City, U.S., October 28, 2021. REUTERS/Brendan McDermid/File Photo (Reuters) -Contract chipmaker GlobalFoundries forecast revenue and profit for the third quarter below Wall Street estimates on Tuesday, as it grapples with a slow recovery in demand from clients in the consumer electronics market. Shares of the world's third-largest chip foundry, already down around 15% this year, fell another 6% in premarket trading. U.S. tariff-led economic uncertainty has pressured smartphone sales, with buyers pulling back on orders especially in the low-end segment. Data from IDC in July showed smartphone sales growth slowed to just 1% in the June quarter. CEO Tim Breen, who was named to the top job in February, said the company was awaiting a "return to meaningful growth across the consumer-driven end markets". The company expects third-quarter net revenue of $1.68 billion, plus or minus $25 million, lower than the analysts' average estimate of $1.79 billion, according to data compiled by LSEG. Adjusted profit per share is expected to be 38 cents, plus or minus 5 cents. The midpoint of that was below the 41 cents estimated by analysts. Still, lower costs and strong growth in its automotive and datacenter businesses helped GlobalFoundries surpass adjusted profit expectations for the second quarter. The company recently deepened its push into autos with a chipmaking deal with Continental. It also struck a deal in July to buy chip architecture supplier MIPS for an undisclosed sum to boost its offerings in industrial and AI processors. In June, it increased its investment plans to $16 billion, allocating an additional $1 billion to capital spending and $3 billion to research in several emerging chip technologies, including those used in electric vehicles and AI servers. Net revenue rose 3.7% in the three months ended June to $1.69 billion, slightly above estimates of $1.68 billion. Adjusted profit per share of 42 cents also beat estimates of 35 cents. (Reporting by Aditya Soni in Bengaluru; Editing by Arun Koyyur)
