GLOBALFOUNDRIES Inc. (GFS) shares surged 5.35% in pre-market trading on Wednesday, following the release of its fourth-quarter financial results that exceeded analyst expectations.

The semiconductor manufacturer reported Q4 revenue of $1,830 million, surpassing the IBES estimate of $1,803 million. Adjusted earnings per share came in at $0.55, significantly higher than the estimated $0.47. The company also posted an adjusted net income of $310 million, beating the forecast of $264.9 million, and reported a Q4 adjusted gross margin of 29%.

For the first quarter, GlobalFoundries provided an outlook with revenue expected to be $1,625 million and adjusted EPS projected at $0.35. The better-than-expected Q4 performance appears to be the primary driver behind the significant pre-market price increase.