GlobalFoundries (NASDAQ:GFS) Releases 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.

GlobalFoundries Stock Performance

NASDAQ GFS opened at $36.01 on Tuesday. The company has a market capitalization of $19.87 billion, a PE ratio of 24.50, a price-to-earnings-growth ratio of 5.92 and a beta of 1.53. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.59 and a current ratio of 2.22. GlobalFoundries has a 52-week low of $35.85 and a 52-week high of $62.61. The company has a 50-day simple moving average of $40.42 and a 200 day simple moving average of $46.57.

GlobalFoundries (NASDAQ:GFS) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.10. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. The company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same quarter last year, the business posted $0.45 EPS. GlobalFoundries’s quarterly revenue was down 11.5% compared to the same quarter last year. On average, research analysts predict that GlobalFoundries will post 1.09 EPS for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on GFS shares. Evercore ISI lowered their target price on GlobalFoundries from $77.00 to $71.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. TD Cowen dropped their price objective on shares of GlobalFoundries from $65.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Morgan Stanley lowered shares of GlobalFoundries from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $53.00 to $43.00 in a research report on Monday, October 28th. Needham & Company LLC reissued a “hold” rating on shares of GlobalFoundries in a research report on Wednesday, August 7th. Finally, Cantor Fitzgerald cut their price objective on shares of GlobalFoundries from $55.00 to $40.00 and set a “neutral” rating for the company in a report on Tuesday, October 8th. Eight 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, the company currently has an average rating of “Hold” and a consensus price target of $54.85.

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.