GlobalFoundries Inc. (NASDAQ: GFS) shares fell more than 3% in intra-day trading Wednesday, even after the semiconductor manufacturer reported quarterly earnings that surpassed analyst estimates, supported by solid results in its automotive and communications infrastructure divisions.

The Malta, New York-based chipmaker posted adjusted earnings per share of $0.41 for the third quarter, exceeding the consensus forecast of $0.38. Revenue came in at $1.69 billion, slightly ahead of the $1.68 billion expected but down 3% year over year from $1.74 billion.

For the fourth quarter, GlobalFoundries projected revenue between $1.775 billion and $1.825 billion, in line with Wall Street expectations of $1.79 billion. The company forecast adjusted earnings per share in the range of $0.42 to $0.52, compared to consensus estimates of $0.47.