GlobalFoundries falls after quarterly forecast

Shares of chipmaker GlobalFoundries GFS.O fall 5.5% to $34.2 premarket

GFS expects Q3 revenue of $1.68 billion, plus or minus $25 million vs expectation for $1.79 billion -LSEG

Q3 adjusted EPS expected to be around 38 cents per share, plus or minus 5 cents vs estimate of 41 cents per share

Q2 net revenue rose ~4% to $1.69 billion, in line with estimates

"As we await a return to meaningful growth across the consumer-driven end markets, I am pleased with the steps GF is taking to broaden the long term value proposition to our customers," CEO Tim Breen said

Up to last close, stock had fallen 15.7% YTD