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

Several brokerages have weighed in on GFS. Deutsche Bank Aktiengesellschaft cut their price target on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating for the company in a report on Wednesday. Susquehanna lowered their price target on GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating for the company in a report on Wednesday. Wedbush reiterated an “outperform” rating and issued a $60.00 price target (down from $65.00) on shares of GlobalFoundries in a research note on Tuesday. Needham & Company LLC reiterated a “hold” rating on shares of GlobalFoundries in a research note on Wednesday. Finally, Evercore ISI decreased their target price on GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $50.46.

GlobalFoundries Stock Performance

Shares of GFS traded down $1.52 during mid-day trading on Thursday, reaching $45.27. 3,830,904 shares of the company’s stock traded hands, compared to its average volume of 1,619,143. The business’s 50-day moving average price is $40.34 and its 200-day moving average price is $46.53. The stock has a market capitalization of $24.98 billion, a P/E ratio of 33.78, a price-to-earnings-growth ratio of 5.82 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 12 month low of $35.85 and a 12 month high of $62.61.

GlobalFoundries (NASDAQ:GFS) last released its quarterly earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.08. The company had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.73 billion. GlobalFoundries had a return on equity of 7.75% and a net margin of 11.82%. The business’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 company posted $0.47 earnings per share. Equities analysts predict that GlobalFoundries will post 1.09 earnings per share for the current 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.