GLOBALFOUNDRIES Inc. Q1 Profit Increases, Beats Estimates

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

The company's bottom line totaled $211 million, or $0.38 per share. This compares with $134 million, or $0.24 per share, last year.

Excluding items, GLOBALFOUNDRIES Inc. reported adjusted earnings of $189 million or $0.34 per share for the period.

Analysts on average had expected the company to earn $0.29 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period rose 2.3% to $1.585 billion from $1.549 billion last year.

GLOBALFOUNDRIES Inc. earnings at a glance (GAAP) :

-Earnings: $211 Mln. vs. $134 Mln. last year. -EPS: $0.38 vs. $0.24 last year. -Revenue: $1.585 Bln vs. $1.549 Bln last year.