GlobalFoundries (NASDAQ:GFS) Issues Q4 2024 Earnings Guidance

GlobalFoundries (NASDAQ:GFS) updated its fourth quarter 2024 earnings guidance on Tuesday. The company provided EPS guidance of 0.390-0.510 for the period, compared to the consensus EPS 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 Analyst Weigh In

A number of brokerages have recently commented on GFS. Evercore ISI lowered their price objective on GlobalFoundries from $77.00 to $71.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft lowered their price objective on GlobalFoundries from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Morgan Stanley downgraded GlobalFoundries from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $53.00 to $43.00 in a research report on Monday, October 28th. TD Cowen lowered their price objective on GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $65.00 price objective on shares of GlobalFoundries in a research report on Wednesday, August 7th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, GlobalFoundries has a consensus rating of “Hold” and an average price target of $54.85.

GlobalFoundries Stock Up 15.4 %

Shares of GFS traded up $5.54 during midday trading on Tuesday, reaching $41.55. 4,743,933 shares of the company were exchanged, compared to its average volume of 1,575,500. The stock has a 50-day moving average price of $40.42 and a 200-day moving average price of $46.57. The company has a market cap of $22.93 billion, a price-to-earnings ratio of 27.14, a P/E/G ratio of 5.92 and a beta of 1.53. GlobalFoundries has a 1-year low of $35.85 and a 1-year high of $62.61. The company has a current ratio of 2.22, a quick ratio of 1.59 and a debt-to-equity ratio of 0.19.

GlobalFoundries (NASDAQ:GFS) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.10. The company had revenue of $1.63 billion for 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 firm’s quarterly revenue was down 11.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.45 earnings per share. Research analysts expect that GlobalFoundries will post 1.09 earnings per share for the current 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.