GLOBALFOUNDRIES (NASDAQ:GFS) Releases Q2 Earnings Guidance

GLOBALFOUNDRIES (NASDAQ:GFS) updated its second quarter earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.24-$0.34 for the period, compared to the consensus estimate of $0.29. The company issued revenue guidance of $1.590-$1.640 billion, compared to the consensus revenue estimate of $1.58 billion.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on GFS. Evercore ISI initiated coverage on GLOBALFOUNDRIES in a research note on Tuesday, April 16th. They issued an outperform rating and a $71.00 price target for the company. Citigroup lowered GLOBALFOUNDRIES from a buy rating to a neutral rating and reduced their target price for the stock from $70.00 to $56.00 in a report on Wednesday, February 14th. Cantor Fitzgerald reaffirmed a neutral rating and issued a $55.00 price target (down previously from $70.00) on shares of GLOBALFOUNDRIES in a research note on Monday, April 8th. Morgan Stanley increased their price objective on shares of GLOBALFOUNDRIES from $62.00 to $63.00 and gave the stock an overweight rating in a research note on Wednesday. Finally, Bank of America dropped their target price on shares of GLOBALFOUNDRIES from $62.00 to $55.00 and set a neutral rating for the company in a research report on Tuesday, April 16th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $61.23.

GLOBALFOUNDRIES Price Performance

Shares of NASDAQ GFS traded down $0.61 during midday trading on Thursday, reaching $51.75. 465,045 shares of the company were exchanged, compared to its average volume of 1,547,558. GLOBALFOUNDRIES has a one year low of $45.52 and a one year high of $68.57. The stock has a market cap of $28.65 billion, a P/E ratio of 28.46, a PEG ratio of 4.16 and a beta of 1.61. The company has a quick ratio of 1.56, a current ratio of 2.04 and a debt-to-equity ratio of 0.19. The stock’s 50-day moving average price is $50.75 and its 200-day moving average price is $53.85.

GLOBALFOUNDRIES (NASDAQ:GFS) last issued its quarterly earnings data on Tuesday, February 13th. The company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. The business had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.85 billion. GLOBALFOUNDRIES had a return on equity of 10.16% and a net margin of 13.80%. GLOBALFOUNDRIES’s quarterly revenue was down 11.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.37 EPS. On average, sell-side analysts anticipate that GLOBALFOUNDRIES will post 1 earnings per share for the current fiscal year.

About GLOBALFOUNDRIES

GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units; and offers mainstream wafer fabrication services and technologies.