GlobalFoundries Reports First Quarter 2023 Financial Results

   Three Months Ended
(in millions USD)  March 31, 2023  December 31, 2022  March 31, 2022
       
Gross profit  $ 515   $ 622   $ 469 
Gross profit margin  28.0%  29.6%  24.2%
Share based compensation $10  $11  $21 
Adjusted gross profit (1)  $ 525   $ 633   $ 490 
Adjusted gross margin(1)  28.5%   30.1 %     25.3 %
             
Operating profit   $ 290     $ 288     $ 225  
Operating profit margin     15.8 %     13.7 %     11.6 %
Share based compensation   $ 31     $ 43     $ 54  
Restructuring charges (2)   $ 5       94        
Adjusted operating profit (1)   $ 326     $ 425     $ 279  
Adjusted operating profit margin (1)     17.7 %     20.2 %     14.4 %
             
Net income (3)   $ 254     $ 668     $ 178  
Net income margin     13.8 %     31.8 %     9.2 %
Share based compensation   $ 31     $ 43     $ 54  
Restructuring charges (2)   $ 5       94        
Income tax effect (4)   $     $ (5 )   $  
Adjusted net income (1)(5)   $ 290     $ 800     $ 232  
Adjusted net income margin (1)     15.8 %     38.1 %     12.0 %
             
Diluted earnings per share   $ 0.46     $ 1.21     $ 0.33  
Share based compensation   $ 0.05     $ 0.07     $ 0.09  
Restructuring charges (2)   $ 0.01       0.17        
Income tax effect   $       (0.01 )      
Adjusted diluted earnings per share (1)   $ 0.52     $ 1.44     $ 0.42  
                         

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