Why GlobalFoundries Rose 23.2% in February
Shares of semiconductor foundry GlobalFoundries (NASDAQ: GFS) soared 23.2% in February, according to data from S&P Global Market Intelligence. GlobalFoundries is a large company with a long history, but just went public via an initial public offering in late October 2021.
Of course, February's rise didn't quite make up for the stock's 24.1% decline in January, which was caused by widespread fears over rising interest rates. Yet there was more to February's fine performance, as GlobalFoundries reported strong earnings that beat expectations.
In the fourth quarter, GlobalFoundries' revenue rose 74% year over year to $1.85 billion, while non-GAAP (adjusted) EPS soared 117% to $0.18 per share. Both figures handily beat analyst expectations. Management also guided for sequential demand, even in a seasonally down quarter.
Source Fool.com
