Why GlobalFoundries (GFS) Stock Is Surging Tuesday - GLOBALFOUNDRIES (NASDAQ:GFS)

GlobalFoundries Inc GFS reported third-quarter FY22 revenue growth of 22% year-on-year to $2.07 billion, beating the consensus of $2.05 billion.
EPS of $0.67 beat the consensus of $0.62. It is the company's fifth consecutive quarterly beat.
The adjusted gross margin expanded by 1,190 bps to 29.9%.
The adjusted operating margin grew by 1,400 bps to 18.8%.
The adjusted EBITDA margin increased by 850 bps to 38.2%.
GFS generated $679 million in operating cash flow and held $3.3 billion in cash and equivalents.
CEO Dr. Thomas Caulfield said, "300mm-equivalent wafer shipments of 637 thousand was a record for GF, an increase of 5% year-over-year."
Outlook: GFS sees Q4 revenue of $2.05 billion - $2.10 billion versus the consensus of $2.09 billion.
GFS expects EPS of $1.24 - $1.44, above the consensus of $1.01.
Price Action: GFS shares traded higher by 7.03% at $60.23 on the last check Tuesday.

GlobalFoundries Registers 5th Consecutive Quarterly Earnings Beat, Sees Positive Margin Growth