GlobalFoundries Says Revenue Rose 56% as Chip Shortage Continues

GlobalFoundries Inc. swung to a third-quarter profit and its revenue rose 56%, driven by strong demand amid a chip shortage.

The contract chip maker, one of the world’s largest chip makers and Ford Motor Co. ’s semiconductor partner, reported a $5 million profit for the September quarter, compared with a $293 million loss a year earlier. On a per share basis, the profit was one penny, or 7 cents on an adjusted basis.