Gexin Q1 revenue of $1.549 billion, net profit down 47%_News_ALL NEW SEMI (ANSC)

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Gexin Q1 revenue of $1.549 billion, net profit down 47%

2024-05-09

Semiconductor foundry company GlobalFoundries, formerly known as Grofond, recently released its first quarter financial report. Gexin achieved a revenue of $1.549 billion (currently approximately RMB 11.184 billion) in the previous quarter, a decrease of 16% compared to the previous quarter and the same period last year. Its net profit was $134 million, a decrease of 47% compared to the same period last year.

The report shows that Gexin's gross profit in the first quarter was 393 million US dollars (currently equivalent to approximately 2.837 billion yuan), a decrease of 25% from the 525 million US dollars in the fourth quarter of last year, and a decrease of 24% year-on-year. Meanwhile, the gross profit margin decreased from 25.4% in the previous quarter to approximately 28%.

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In terms of net income, Gexin only recorded $134 million (currently equivalent to approximately RMB 967 million), a significant decrease year-on-year and month on month, and a net return rate of 8.7%, far below the 15% in the fourth quarter of last year.

In addition, the shipment volume of 12 inch wafers by Gexin in the first quarter was 463000 pieces, a year-on-year decrease of 9% and a month on month decrease of 16%.

It is worth noting that Gexin received two subsidies in the first quarter: in addition to the $1.5 billion direct funding promised by the US Chip and Science Act, it also received over $600 million in local financial support from the New York state government.

Thomas Caulfield, President and CEO of Gexin, stated, "Despite exceeding expectations in the first quarter, there are still challenges ahead." He emphasized that the Gexin team is committed to driving innovation in wafer foundry technology to meet customer needs and achieve a competitive advantage in differentiation.

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