GlobalFoundries (GFS) outperformed forecasts in Q1 2024 by reporting total revenues of $1.83 billion for the quarter, which was slightly higher than the expected revenue of $1.76 billion1. This positive surprise can be attributed to Strong Momentum in the Automotive Market.
GFS Revenue Surprise, Total Revenue
GlobalFoundries' automotive segment experienced a significant increase in revenues, growing by 177% from the previous year's quarter, reaching $318 million. This strong performance was driven by the increasing demand for automotive electronics, particularly in the areas of advanced driver-assistance systems, electric vehicle powertrains, and infotainment systems23.
Despite the positive results in the automotive segment, GlobalFoundries faced challenges in other markets, such as smart mobile devices, communications infrastructure and datacenter, home and industrial IoT, and personal computing. Revenues from these segments declined, with the most significant drops in smart mobile devices and communications infrastructure and datacenter markets24.
In conclusion, GlobalFoundries' outperformance in Q1 2024 was primarily driven by the robust performance of its automotive segment, which compensated for the weakness in other market areas.
4/11/2025 04:32am
