GlobalFoundries (NASDAQ:GFS) Releases Q4 2024 Earnings Guidance

GlobalFoundries (NASDAQ:GFS) updated its fourth quarter 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 0.390-0.510 for the period, compared to the consensus estimate of 0.370. The company issued revenue guidance of $1.8 billion-$1.9 billion, compared to the consensus revenue estimate of $1.8 billion.

GlobalFoundries Trading Down 1.7 %

GFS stock opened at $36.01 on Tuesday. The company has a market capitalization of $19.87 billion, a price-to-earnings ratio of 24.50, a PEG ratio of 5.92 and a beta of 1.53. The business has a 50 day simple moving average of $40.42 and a two-hundred day simple moving average of $46.57. GlobalFoundries has a 1-year low of $35.85 and a 1-year high of $62.61. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.22 and a quick ratio of 1.59.

GlobalFoundries (NASDAQ:GFS) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.10. The business had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.61 billion. GlobalFoundries had a return on equity of 7.75% and a net margin of 11.82%. The firm’s revenue for the quarter was down 11.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 EPS. Research analysts anticipate that GlobalFoundries will post 1.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on GFS shares. TD Cowen reduced their target price on shares of GlobalFoundries from $65.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Evercore ISI decreased their price target on GlobalFoundries from $77.00 to $71.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Cantor Fitzgerald dropped their price objective on shares of GlobalFoundries from $55.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, October 8th. Needham & Company LLC reissued a “hold” rating on shares of GlobalFoundries in a research note on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on GlobalFoundries from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, GlobalFoundries presently has a consensus rating of “Hold” and a consensus price target of $54.85.

GlobalFoundries Company Profile

GlobalFoundries Inc, a semiconductor foundry, provides range of mainstream wafer fabrication services and technologies worldwide. It manufactures various semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units.