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GlobalFoundries forecasts upbeat Q4 results on strong demand from iPhone supplier

mardi 5 novembre 2024, 22:29 , par Mac Daily News
GlobalFoundries forecasts upbeat Q4 results on strong demand from iPhone supplier
GlobalFoundries, the world’s third-largest contract chipmaker, has raised its fourth-quarter revenue forecast, exceeding Wall Street expectations. This positive outlook is driven by a resurgence in demand from smartphone manufacturers, including Qualcomm, a key supplier for Apple’s iPhones. The news has sent shares of GlobalFoundries soaring nearly 10% in premarket trading.
Reuters:


Qualcomm, a major supplier to Apple and one of GlobalFoundries’ largest customers, is anticipated to benefit from the expected demand for AI-enabled iPhones from Apple during the upcoming holiday season.
The company expects fourth-quarter revenue to be between $1.80 billion and $1.85 billion, compared to estimates of $1.80 billion, according to data compiled by LSEG.
GlobalFoundries, majority-owned by Abu Dhabi’s sovereign wealth fund Mubadala Investment Co, reported revenue of $1.74 billion in the third quarter, marginally above estimates of $1.73 billion, according to LSEG data.


MacDailyNews Take: Should bode well for AAPL.

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The post GlobalFoundries forecasts upbeat Q4 results on strong demand from iPhone supplier appeared first on MacDailyNews.
https://macdailynews.com/2024/11/05/globalfoundries-forecasts-upbeat-q4-results-on-strong-demand-fro...

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Date Actuelle
mer. 6 nov. - 02:38 CET