07:32 AM EDT, 08/06/2024 (MT Newswires) -- GlobalFoundries ( GFS ) reported Q2 adjusted earnings Tuesday of $0.38 per diluted share, compared with $0.53 a year earlier.

Analysts surveyed by Capital IQ expected $0.29.

Net revenue for the quarter ended June 30 was $1.63 billion, compared with $1.85 billion a year earlier.

Analysts polled by Capital IQ expected $1.61 billion.

For Q3, the semiconductor manufacturing company said it expects adjusted EPS of $0.28 to $0.38 on net revenue of $1.70 billion to $1.75 billion. Analysts polled by Capital IQ expect adjusted EPS of $0.36 on net revenue of $1.72 billion.

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