GlobalFoundries (NASDAQ:GFS – Get Free Report) 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 also updated its Q4 guidance to $0.39-0.51 EPS.
Wall Street Analysts Forecast Growth
A number of equities analysts recently commented on the company. Susquehanna decreased their target price on GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating on the stock in a report on Wednesday. TD Cowen decreased their price target on GlobalFoundries from $65.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Wedbush reissued an “outperform” rating and set a $60.00 price target (down from $65.00) on shares of GlobalFoundries in a report on Tuesday. Cantor Fitzgerald restated a “neutral” rating and set a $40.00 price objective on shares of GlobalFoundries in a research report on Wednesday. Finally, Morgan Stanley lowered GlobalFoundries from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $53.00 to $43.00 in a research report on Monday, October 28th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, GlobalFoundries presently has a consensus rating of “Hold” and an average target price of $50.46.
Check Out Our Latest Analysis on GlobalFoundries
GlobalFoundries Stock Performance
GlobalFoundries (NASDAQ:GFS – Get Free Report) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.08. The company had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.73 billion. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. GlobalFoundries’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.47 earnings per share. On average, sell-side analysts predict that GlobalFoundries will post 1.09 earnings per share for the current fiscal year.
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.
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