Shares of GlobalFoundries (NASDAQ: GFS) were down in morning trading on Tuesday morning after the semiconductor contract manufacturing and design company announced management changes and its Q1 adjusted EBITDA missed estimates.
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GlobalFoundries reported an adjusted EBITDA of $655 million in the first quarter, a fall of 6.2% year-over-year, and missed consensus forecasts of $694.7 million. The company’s adjusted earnings came in at $0.52 per share in Q1 versus $0.42 in the same period last year but above analysts’ expectations of $0.50 per share.
GFS’s revenues declined by 5% year-over-year to $1.8 billion in the first quarter versus analysts’ expectations of $1.83 billion.
In addition, the company also announced management changes with Tim Stone being appointed as the new CFO, taking over for David Reeder who will leave the company over the coming months, and Niels Anderskouv as the new Chief Business Officer (CBO).
Analysts are bullish about GFS stock with a Strong Buy consensus rating based on 12 Buys and one Hold.
