07:33 AM EST, 11/05/2024 (MT Newswires) -- GlobalFoundries ( GFS ) reported Q3 adjusted earnings Tuesday of $0.41 per diluted share, down from $0.55 a year earlier.

Analysts polled by Capital IQ expected $0.33.

Net revenue for the quarter ended Sept. 30 was $1.74 billion, down from $1.85 billion a year earlier.

Analysts surveyed by Capital IQ expected $1.72 billion.

For Q4, the semiconductor manufacturing company said it expects adjusted diluted EPS in the range of $0.39 to $0.51. Analysts polled by Capital IQ expect $0.38.

Net revenue for the quarter is projected to be between $1.80 billion and $1.85 billion. Analysts surveyed by Capital IQ expect $1.80 billion.

Shares of the company rose over 9% in recent Tuesday premarket activity.

Price: 39.35, Change: +3.34, Percent Change: +9.28