Shares of chip manufacturer GlobalFoundries rose in premarket trading after the company reported a return to profitability for its fourth fiscal quarter, with revenue surpassing Wall Street expectations.

The semiconductor foundry, which produces chips for the automotive industry and other specialized applications, posted a profit of $199 million, or 36 cents per share. This compares with a loss of $730 million, or $1.32 per share, during the same period last year. According to FactSet, the company's earnings matched the average estimate from Wall Street analysts.

Revenue for the fourth fiscal quarter remained stable year-over-year at $1.83 billion, exceeding the average analyst forecast of $1.803 billion compiled by FactSet.

In premarket trading on Wednesday, the company's stock advanced 6% to $44.40.