12:38 PM EST, 11/05/2024 (MT Newswires) -- (Updates with stock price movement in the headline and first paragraph.)

GlobalFoundries ( GFS ) shares rose over 13% in recent trading on Tuesday after the firm reported better-than-expected Q3 results.

The company reported Q3 adjusted earnings 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 company said it expects adjusted EPS of $0.39 to $0.51. Analysts polled by Capital IQ expected $0.38.

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

Price: 40.79, Change: +4.78, Percent Change: +13.27