GlobalFoundries forecasts Q2 revenue above estimates
GlobalFoundries expects Q2 revenue of $1.76 billion, beating analyst estimates on high data center demand. Shares rose 6% following the upbeat forecast.
GLOBALFOUNDRIES INC forecast second-quarter revenue of $1.76 billion, exceeding analyst estimates of $1.74 billion. Shares rose 6% in premarket trading on May 5 following the announcement. The outlook reflects a surge in global data center deployments and specialized semiconductor demand.
### Data Center Demand Drives Growth The specialty chipmaker expects June-quarter revenue to land between $1.735 billion and $1.785 billion. This guidance follows first-quarter revenue of $1.63 billion, which met market expectations. GlobalFoundries is capturing growth through its focus on radio-frequency chips and silicon photonics used in artificial intelligence and quantum computing.
