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

GlobalFoundries Inc GFS reported fourth-quarter FY22 revenue growth of 14% year-on-year to $2.10 billion, beating the consensus of $2.08 billion.
Adjusted EPS of $1.44 beat the consensus of $1.18.
The adjusted gross margin expanded by 860 bps to 30.1%.
The adjusted operating margin grew by 1,250 bps to 20.2%.
The adjusted EBITDA margin increased by 750 bps to 39.1%.
GFS generated $491 million in operating cash flow and held $3.3 billion in cash and equivalents.
CEO Dr. Thomas Caulfield said, “In the fourth quarter, the GF team continued to execute on its commitments to customers and shareholders, despite the well-publicized inventory correction. As we look to 2023, we will continue to deepen our engagements with our customers in bringing specialty and differentiated solutions to market.”
Outlook: GFS sees Q1 revenue of $1.81 billion - $1.85 billion versus the $1.82 billion estimate. It expects EPS of $0.45 - $0.53, versus the $0.47 estimate.
Price Action: GFS shares closed higher by 2.42% at $66.15 on Monday.

GlobalFoundries Beats Q4 Earnings, Sees Margin Expands Despite Inventory Correction, issues Upbeat Outlook