Investors were not impressed by GlobalFoundries’ mixed outlook for the current quarter, even though the company reported good results for the second quarter.
FactSet says the contract chip maker reported adjusted earnings of 38 cents per share for the second quarter, which was higher than the 29 cents a share that was expected.
The $1.63 billion in sales was 12% less than the previous year, but it was still more than the $1.61 billion that was expected.
However, investors always look ahead, and the forecast didn’t have much to offer. For the third quarter of this year, GlobalFoundries
GFS -1.54% said it thinks it will make between 28 and 38 cents per share after adjustments. Wall Street was expecting it to be 35 cents, so the middle of that range is less than that.
The third quarter’s sales are expected to be between $1.7 billion and $1.75 billion, with $1.72 billion being the middle number. This is in line with what Wall Street thought would happen.
The price of the stock went up 0.3% to $44.89 before the market opened on Tuesday.
