GLOBALFOUNDRIES Inc. Q3 Profit Increases, Beats Estimates

(RTTNews) - GLOBALFOUNDRIES Inc. (GFS) announced a profit for its third quarter that Increased from the same period last year and beat the Street estimates.

The company's bottom line came in at $249 million, or $0.44 per share. This compares with $178 million, or $0.32 per share, last year.

Excluding items, GLOBALFOUNDRIES Inc. reported adjusted earnings of $232 million or $0.41 per share for the period.

Analysts on average had expected the company to earn $0.38 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period fell 2.9% to $1.688 billion from $1.739 billion last year.

GLOBALFOUNDRIES Inc. earnings at a glance (GAAP) :

-Earnings: $249 Mln. vs. $178 Mln. last year. -EPS: $0.44 vs. $0.32 last year. -Revenue: $1.688 Bln vs. $1.739 Bln last year.

-Guidance: Next quarter EPS guidance: $0.42 - $0.52 Next quarter revenue guidance: $1,775 - $1,825 Mln