Business

GlobalFoundries Says Income Rose 56% as Chip Scarcity Continues

GlobalFoundries Inc. swung to a third-quarter revenue and its income rose 56%, pushed by robust demand amid a chip scarcity.

The contract chip maker, one of many world’s largest chip makers and Ford Motor Co. ’s semiconductor companion, reported a $5 million revenue for the September quarter, in contrast with a $293 million loss a 12 months earlier. On a per share foundation, the revenue was one penny, or 7 cents on an adjusted foundation.

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