GlobalFoundries (GF), a leading semiconductor foundry, has reported strong financial results for the fourth quarter and full-year of 2022. The company achieved record high revenue and gross profit margin during the fourth quarter, and a significant increase in net profit for the full year.
Record High Revenue and Gross Profit Margin in Q4 2022
During the reporting period, GF achieved revenue of US$2.101 billion, a year-on-year increase of 14% and a month-on-month increase of 1%. The company's gross profit margin hit a record high of 30.1%, while gross profit was US$622 million, a year-on-year increase of 62%, and a month-on-month increase of 2%. GF's net income for the fourth quarter was US$668 million, while adjusted EBITDA was US$821 million.
Strong Full-Year Financial Results
GF's full-year revenue in 2022 was US$8.108 billion, a year-on-year increase of 23%. The company's gross profit almost doubled from last year's US$1.013 billion, reaching US$2.239 billion in 2022. GF's gross profit margin was 27.6%, higher than last year's 15.4%, and adjusted gross margin was 28.4%. The company's operating profit for the full year was US$1.167 billion, while net profit was US$1.446 billion, compared to US$254 million last year. GF's net profit margin was 17.8%, and adjusted EBITDA margin was 38.1%. Diluted earnings per share were US$2.62, up from US$0.49 last year.
CEO Dr Thomas Caulfield Comments on the Financial Results
Dr Thomas Caulfield, CEO of GF, expressed his satisfaction with the company's financial results and progress towards its long-term financial model. Despite the inventory correction during the fourth quarter, the GF team delivered on its commitments to customers and shareholders. Looking forward to 2023, GF aims to deepen its cooperation with customers and bring professional and differentiated solutions to the market.
Outlook for Q1 2023
GF expects its first-quarter revenue to be between US$1.810 billion and US$1.850 billion.
Key Financial Highlights
- GF's fourth-quarter revenue was US$2.101 billion, up 14% year-over-year.
- The company's gross margin was 29.6%, and adjusted gross margin was 30.1%.
- GF's net income for Q4 2022 was US$668 million, while adjusted EBITDA was US$821 million.
- The company's cash, cash equivalents and marketable securities were US$3.346 billion.
- GF's full-year revenue in 2022 was US$8.108 billion, a year-on-year increase of 23%.
- The company's gross profit margin was 27.6%, and adjusted gross margin was 28.4%.
- GF's net profit margin for the full year was 17.8%, and adjusted EBITDA margin was 38.1%.
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