Benefiting from rising factory capacity in the United States and Europe, wafer shipments reached a record 630,000 in the second quarter.

On August 15, local time, Evertiq reported that Dr. Thomas Caulfield, CEO of GE Core, said the company shipped 630000 wafers in the second quarter of 2022, a new record. This was driven by double-digit growth in factory capacity in the US and Europe.

Reported that GE Core reported second-quarter revenue of $1.99 billion, an increase of 23% over the same period last year. Over the same period, the company's gross margin reached a record 27.0%, compared with an adjusted gross margin of 28.0%. In addition, GE Core reported a record net income of $264 million and an adjusted net income of $317 million.

Earlier, the company announced the extension of a long-term agreement with Qualcomm, adding more than $4 billion in wafer purchases to its plant in New York and Malta. This long-term agreement will generate more than $7 billion in global revenue for GE Core by 2028.

According to the report, the company also signed a final agreement with STMicroelectronics to build a new joint venture 300mm semiconductor manufacturing plant near the existing 300mm wafer factory in Krolls, France. The new plant, combined with grid core's capacity expansion in Dresden, Germany, will triple grid core's capacity in Europe by 2028.