GlobalFoundries (NASDAQ:GFS) Updates Q4 Earnings Guidance

GlobalFoundries (NASDAQ:GFS) updated its fourth quarter earnings guidance on Tuesday. The company provided EPS guidance of $0.39-0.51 for the period, compared to the consensus EPS 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.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on GFS shares. TD Cowen decreased their target price on shares of GlobalFoundries from $65.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Wedbush restated an “outperform” rating and issued a $65.00 target price on shares of GlobalFoundries in a research note on Wednesday, August 7th. Evercore ISI decreased their price objective on GlobalFoundries from $77.00 to $71.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Needham & Company LLC restated a “hold” rating on shares of GlobalFoundries in a report on Wednesday, August 7th. Finally, Morgan Stanley downgraded shares of GlobalFoundries from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $53.00 to $43.00 in a research report on Monday, October 28th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, GlobalFoundries has a consensus rating of “Hold” and a consensus price target of $54.85.

GlobalFoundries Stock Performance

NASDAQ:GFS traded up $5.21 during midday trading on Tuesday, hitting $41.22. The company’s stock had a trading volume of 5,009,606 shares, compared to its average volume of 1,576,742. The firm has a market cap of $22.74 billion, a P/E ratio of 27.14, a P/E/G ratio of 5.92 and a beta of 1.53. GlobalFoundries has a fifty-two week low of $35.85 and a fifty-two week high of $62.61. The firm’s 50 day moving average is $40.42 and its 200-day moving average is $46.57. 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 EPS for the quarter, beating the consensus estimate of $0.28 by $0.10. The company had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.61 billion. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. The firm’s revenue was down 11.5% on a year-over-year basis. During the same quarter last year, the business earned $0.45 earnings per share. Equities analysts anticipate that GlobalFoundries will post 1.09 earnings per share for the current fiscal year.

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.