07:40 AM EDT, 05/07/2024 (MT Newswires) -- GlobalFoundries ( GFS ) posted Q1 adjusted earnings Tuesday of $0.31 per diluted share, down from $0.52 a year earlier.

Analysts surveyed by Capital IQ expected $0.23.

Net revenue for the quarter ended March 31 was $1.55 billion, down from $1.84 billion a year earlier.

Analysts polled by Capital IQ expected $1.52 billion.

For Q2, the company said it expects adjusted EPS of $0.24 to $0.34. Analysts polled by Capital IQ expect $0.29. Net revenue for the quarter is projected to be $1.59 billion to $1.64 billion. Analysts polled by Capital IQ expect $1.58 billion.

Shares of the company were up more than 2% in recent premarket activity Tuesday.

Price: 51.00, Change: +1.27, Percent Change: +2.55