GLOBALFOUNDRIES Inc.: Government Funding Partnership

GlobalFoundries Inc. has presented its first quarterly financial results for the fiscal year of 2024. Despite facing some challenges, the outcomes have exceeded the guidance ranges indicated in the firm’s fourth-quarter earnings call. The industry is showing signs of emerging from a period of inventory correction and uncertainty due to ongoing macroeconomic and geopolitical issues. For the first quarter, GlobalFoundries’ revenue decreased to $1.549 billion. However, this was above the firm’s guidance range. The company reported a non-IFRS gross margin of 26.1%, delivering a fourth consecutive quarter of positive non-IFRS free cash flow. The firm is set to continue growing quarter-on-quarter, with Q1 noted to be the low point and expected to see growth throughout the year.