GLOBALFOUNDRIES Inc. Q2 Profit Decreases, But Beats Estimates

(RTTNews) - GLOBALFOUNDRIES Inc. (GFS) reported earnings for second quarter that decreased from the same period last year but beat the Street estimates.

The company's bottom line came in at $155 million, or $0.28 per share. This compares with $237 million, or $0.43 per share, in last year's second quarter.

Excluding items, GLOBALFOUNDRIES Inc. reported adjusted earnings of $211 million or $0.38 per share for the period.

Analysts on average had expected the company to earn $0.28 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 11.5% to $1.632 billion from $1.845 billion last year.

GLOBALFOUNDRIES Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $155 Mln. vs. $237 Mln. last year. -EPS (Q2): $0.28 vs. $0.43 last year. -Revenue (Q2): $1.632 Bln vs. $1.845 Bln last year.