GlobalFoundries (GF) has reported 5 percent drop in revenue to $1,841 million for the first quarter ended March 31, 2023.

GlobalFoundries has generated revenue of $696 million (–29 percent) from Smart Mobile Devices; $352 million (+8 percent) from Communications Infrastructure & Datacenter; $344 million (+7 percent) from Home and Industrial IoT; $180 million (+122 percent) from Automotive; $36 million (–12 percent) from Personal Computing and $233 million (+22 percent) from Non-Wafer and Corporate Other Revenue during the first quarter.

GlobalFoundries has reported gross margin of 28 percent, operating margin of 15.8 percent and net income of $254 million in Q1.

“GF’s gross margins for the quarter have increased year-over-year due to our continued disciplined focus on profitability by our global team who effectively manage costs, while driving a richer mix of business to our customers,” said Thomas Caulfield, president and CEO of GF in its eanings report.

GlobalFoundries is targeting revenue of $1.8 billion — $1.85 billion and net profit of $206 million — $259 million in the second quarter