The company reported a net profit of $199 million, or 36 cents per share, reversing a loss of $730 million in the prior-year period. Revenue remained flat year-over-year at $1.83 billion, though this figure comfortably surpassed the $1.803 billion average analyst estimate according to FactSet data.

Outlook and Market Response

For the first quarter, GlobalFoundries projects earnings between 18 cents and 28 cents per share, falling short of the 38-cent consensus. However, on an adjusted basis, the firm anticipates earnings of 30 cents to 40 cents per share, which sits above the analyst estimate of 34 cents per share.

Following the update, the company's shares jumped 10% to $46.12 during Wednesday morning trading. The market reaction highlights investor focus on the company's ability to maintain revenue levels in a competitive foundry landscape while transitioning back to profitability.