This positive outlook reflects strong demand growth from smartphone manufacturers despite challenges in the semiconductor industry. Following the announcement, GlobalFoundries shares rose 10% in pre-market trading.
According to media reports, the New York company reached $868 million with an 11% increase in revenue from the mobile device segment in the third quarter; This offset declining demand in the automotive and IoT industries.
According to IDC, global smartphone shipments rose 4% year-on-year to 316.1 million units in the third quarter, demonstrating the market’s resilience despite global economic headwinds.
Source: Ferra
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