GlobalFoundries' revenue will decline in 2023, while its automotive business will grow

According to the latest financial report, GlobalFoundries' full-year revenue in 2023 will reach US$7.392 billion, down from US$8.108 billion in 2022. This decline is mainly due to some customers adjusting their inventory or moving to different foundries and processes. However, the growth of the automotive business can offset the decline in other applications, with the proportion of automotive-related revenue increasing from 5% in 2022 to 14% in 2023.