GLOBALFOUNDRIES (NASDAQ:GFS) Issues Q3 2024 Earnings Guidance

GLOBALFOUNDRIES (NASDAQ:GFS) updated its third quarter 2024 earnings guidance on Tuesday. The company provided EPS guidance of 0.280-0.380 for the period, compared to the consensus EPS estimate of 0.350. The company issued revenue guidance of $1.7 billion-$1.8 billion, compared to the consensus revenue estimate of $1.7 billion.

GLOBALFOUNDRIES Stock Performance

GFS stock traded down $0.64 during trading hours on Friday, reaching $43.69. The stock had a trading volume of 1,060,291 shares, compared to its average volume of 1,663,267. The stock has a 50-day simple moving average of $50.70 and a 200 day simple moving average of $51.75. GLOBALFOUNDRIES has a fifty-two week low of $42.59 and a fifty-two week high of $62.61. The stock has a market capitalization of $24.11 billion, a PE ratio of 26.96, a price-to-earnings-growth ratio of 4.52 and a beta of 1.56. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.18 and a quick ratio of 1.59.

GLOBALFOUNDRIES (NASDAQ:GFS) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.10. GLOBALFOUNDRIES had a return on equity of 8.78% and a net margin of 12.66%. The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same quarter in the prior year, the company earned $0.45 earnings per share. The business’s revenue for the quarter was down 11.5% compared to the same quarter last year. Analysts predict that GLOBALFOUNDRIES will post 1.06 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

GFS has been the topic of several recent research reports. Susquehanna increased their price objective on GLOBALFOUNDRIES from $48.00 to $50.00 and gave the stock a neutral rating in a research report on Wednesday, May 8th. Bank of America dropped their price objective on shares of GLOBALFOUNDRIES from $62.00 to $55.00 and set a neutral rating for the company in a research note on Tuesday, April 16th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of GLOBALFOUNDRIES from $60.00 to $55.00 and set a buy rating on the stock in a research report on Wednesday. HSBC dropped their price target on shares of GLOBALFOUNDRIES from $56.00 to $43.00 and set a hold rating for the company in a research report on Friday, May 3rd. Finally, Jefferies Financial Group began coverage on GLOBALFOUNDRIES in a research report on Monday, May 13th. They set a buy rating and a $62.00 price target on the stock. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, GLOBALFOUNDRIES has an average rating of Moderate Buy and an average target price of $57.54.

GLOBALFOUNDRIES Company Profile

GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units; and offers mainstream wafer fabrication services and technologies.