Why Are GlobalFoundries Stock Trading Lower Today?

GlobalFoundries Inc GFS CFO Tim Stone chose to depart from the company effective July 11.

The company did not disclose the reason for the CFO's departure within two months of the appointment.

Also Read: GlobalFoundries Reports Q1 Numbers, Names New CFO

David Reeder will remain the CFO through the end of 2023 to support the selection of a new CFO and ensure an orderly transition to new financial leadership.

Stone was at Amazon.com Inc AMZN for more than 20 years and served as CFO for AWS and Devices businesses.

The company's guidance for its FY23 second quarter, provided on May 9, remains unchanged.

GFS sees Q2 revenue of $1.81 billion - $1.85 billion versus the $1.83 billion estimate. It expects adjusted EPS of $0.46 - $0.54 versus the $0.49 estimate.

Price Action: GFS shares traded lower by 3.20% at $62.7 premarket on the last check Tuesday.