GlobalFoundries second quarter revenue grew 6% to $1.79B, beating estimates on strong Automotive and IoT demand.

GlobalFoundries reported second quarter revenue of $1.79 billion, up 5.8% year-over-year and slightly ahead of analyst estimates. The growth was driven by strong performance in its Automotive and Home & Industrial IoT segments, which helped offset an 8.5% decline in the Smart Mobile Devices market. The company's IFRS gross margin was 28.3%.

Key Highlights

• Revenue grew 5.8% year-over-year to $1.79 billion, beating estimates of $1.76 billion.
• Automotive revenue surged 38% year-over-year to $265 million, while Home and Industrial IoT revenue grew 15.5% to $366 million.
• Smart Mobile Devices revenue, the largest segment, fell 8.5% year-over-year to $681 million.
• Reported IFRS diluted EPS was $0.30, missing adjusted EPS expectations of $0.44.