GlobalFoundries slumps on CFO transition, Q1 EBITDA miss
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GlobalFoundries (NASDAQ:GFS) shares fell around 7.5% in early trading on Tuesday as the semiconductor foundry reported first-quarter results and announced a change to its finance chief.
For the period ending March 31, GlobalFoundries (GFS) earned an adjusted 52 cents per share as revenue declined 5.2% year-over-year to $1.84B. Analysts were expecting adjusted earnings of 49 cents per share and $1.83B in revenue.
Adjusted EBITDA came in at $655M during the period, slightly below the $694.7M analysts were expecting.
In addition, GlobalFoundries (GFS), which makes chips for Qualcomm (QCOM), NXP Semiconductors (NXPI) and others, said David Reeder, its CFO, would be leaving the company.
In his stead, Tim Stone has been appointed as the new CFO, while Niels Anderskouv will join as the new Chief Business Officer.
Stone previously worked at Amazon (AMZN) in a number of roles, including as CFO for the AWS and Devices businesses, as well as the CFO for Ford Motor (F) and Snap (SNAP). He was most recently the CFO for a private AI software company.
Anderskouv joins GlobalFoundries (GFS) after having served as SVP and Executive Officer at Texas Instruments (TXN).
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