Globalfoundries’ revenue fell by 16% YoY in Q1 despite a 48% hike in automotive revenue..
Automotive accounted for 17% of GloFo’s total revenue in Q1 and the growth is likely to continue in 2024.
Automotive and Smart Mobile Devices revenue accounted for more than 60% of the total revenue.
Smart Mobile Devices revenue declined by 2% YoY 
despite higher ASPs and increasing value capture in the 5G RF front-end system.
Communications and Data Centre saw the biggest decline in revenue, down 66% YoY. It accounted for 8% of the total revenue during the quarter.
Home and Industrial IoT saw a decline of 19% YoY, with the industry holding excess inventory.
The company shipped 460,000 eight inch equivalent wafers in Q1
