GlobalFoundries (NASDAQ:GFS) Releases Earnings Results, Beats Estimates By $0.08 EPS

GlobalFoundries (NASDAQ:GFS) issued its earnings results on Tuesday. The company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.08, Briefing.com reports. GlobalFoundries had a return on equity of 7.75% and a net margin of 11.82%. The business had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.73 billion. During the same period in the prior year, the business earned $0.47 EPS. The business’s revenue for the quarter was down 6.1% compared to the same quarter last year. GlobalFoundries updated its Q4 2024 guidance to 0.390-0.510 EPS and its Q4 guidance to $0.39-0.51 EPS.

GlobalFoundries Price Performance

GFS stock traded down $1.52 on Thursday, reaching $45.27. 3,830,904 shares of the company’s stock were exchanged, compared to its average volume of 1,619,143. GlobalFoundries has a twelve month low of $35.85 and a twelve month high of $62.61. The company has a quick ratio of 1.59, a current ratio of 2.22 and a debt-to-equity ratio of 0.19. The stock has a fifty day moving average of $40.35 and a 200-day moving average of $46.54. The firm has a market cap of $24.98 billion, a PE ratio of 33.43, a P/E/G ratio of 5.82 and a beta of 1.53.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on GFS. Morgan Stanley cut shares of GlobalFoundries from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $53.00 to $43.00 in a report on Monday, October 28th. Cantor Fitzgerald reiterated a “neutral” rating and set a $40.00 price target on shares of GlobalFoundries in a report on Wednesday. Needham & Company LLC reaffirmed a “hold” rating on shares of GlobalFoundries in a research note on Wednesday. Wedbush reissued an “outperform” rating and set a $60.00 price objective (down from $65.00) on shares of GlobalFoundries in a research report on Tuesday. Finally, Citigroup decreased their target price on shares of GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a research report on Tuesday. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, GlobalFoundries has an average rating of “Hold” and a consensus price target of $50.46.

About GlobalFoundries

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.