GlobalFoundries (NASDAQ:GFS) Releases Q4 Earnings Guidance

GlobalFoundries (NASDAQ:GFS) updated its fourth quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $0.39-0.51 for the period, compared to the consensus earnings per share estimate of $0.38. The company issued revenue guidance of $1.80-1.85 billion, compared to the consensus revenue estimate of $1.80 billion. GlobalFoundries also updated its Q4 2024 guidance to 0.390-0.510 EPS.

GlobalFoundries Trading Up 14.5 %

Shares of GFS traded up $5.21 during trading on Tuesday, reaching $41.22. 5,009,606 shares of the company traded hands, compared to its average volume of 1,576,742. 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 50-day simple moving average of $40.42 and a 200-day simple moving average of $46.57. The stock has a market cap of $22.74 billion, a PE ratio of 27.14, a price-to-earnings-growth ratio of 5.92 and a beta of 1.53.

GlobalFoundries (NASDAQ:GFS) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates 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 company’s revenue was down 11.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.45 earnings per share. On average, analysts anticipate that GlobalFoundries will post 1.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Evercore ISI lowered their price target on shares of GlobalFoundries from $77.00 to $71.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. TD Cowen dropped their target price on GlobalFoundries from $65.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Wedbush reaffirmed an “outperform” rating and set a $65.00 price target on shares of GlobalFoundries in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft dropped their price objective on GlobalFoundries from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Finally, Morgan Stanley cut GlobalFoundries from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $53.00 to $43.00 in a research note on Monday, October 28th. 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.com, GlobalFoundries has a consensus rating of “Hold” and an average price target of $54.85.

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.