The biggest U.S.-based provider of made-to-order Semiconductor posted quarterly sales and profit that topped analysts' estimates, a sign that it is benefiting from industrywide shortages.
The company said in a statement Tuesday that revenue jumped 37% in the first quarter. Excluding certain items, the company had a profit of 42 cents a share. According to the data, analysts projected $1.9 billion and 24 cents.
The revenue forecast for the current quarter was in line with projections. In the period ending in June, sales are expected to be between two and three billion dollars. The profit will be between 43 and 48 cents a share. Sales were expected to be $1.93 billion and earnings to be 26 cents a share.
Widespread shortages of components have helped it attract new customers and secure long-term commitments.
The shares gained less than 1% in late trading.
There will be a period of sustained growth in demand for chips because of new uses for them. Customers are paying upfront for the expansion of the factory.
A broader selloff for chip-related stocks has led to a decline in the shares of GlobalFoundries. The company became a publicly traded company last October.
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