GlobalFoundries (NASDAQ:GFS) Issues Q4 2024 Earnings Guidance

GlobalFoundries (NASDAQ:GFS) issued an update on its fourth quarter 2024 earnings guidance on Tuesday morning. 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.

GlobalFoundries Stock Up 15.4 %

Shares of NASDAQ:GFS traded up $5.54 during trading on Tuesday, hitting $41.55. 4,743,933 shares of the company were exchanged, compared to its average volume of 1,575,500. The stock has a market capitalization of $22.93 billion, a P/E ratio of 27.14, a PEG ratio of 5.92 and a beta of 1.53. 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 has a 12-month low of $35.85 and a 12-month high of $62.61. The firm’s 50 day moving average price is $40.42 and its 200-day moving average price is $46.57.

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

Analyst Ratings Changes

GFS has been the subject of several recent analyst reports. Wedbush restated an “outperform” rating and set a $65.00 price objective on shares of GlobalFoundries in a research report on Wednesday, August 7th. TD Cowen reduced their price target on shares of GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Needham & Company LLC reiterated a “hold” rating on shares of GlobalFoundries in a research report on Wednesday, August 7th. Evercore ISI reduced their price target on shares of GlobalFoundries from $77.00 to $71.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of GlobalFoundries from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average 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.