GlobalFoundries' revenue declines 9% in 2023

The company’s net income also decreased 30%.

GlobalFoundries ended FY2023 with $9.9b (US$7.4b) revenue, a 9% YoY decrease from the $10.9b (US$8.1b) recorded in FY2022.

The group reported a gross margin increase to 28.4% from 27.6%.

Net income also decreased 30% to $1.3b (US$1b) from $1.9b (US$1.4b) whilst the adjusted EBITDA decreased 11% to $3.8b (US$2.8b) from $4.2b (US$3.1b) a year ago.

In addition, GF announced a new multi-year agreement with Infineon to supply Infineon’s 40nm automotive safety controller and power management and connectivity solutions through 2030.

GF was also awarded $47m (US$35m) in federal funding to accelerate the manufacturing of its differentiated gallium nitride (GaN) in its Vermont silicon semiconductor.