GlobalFoundries (NASDAQ:GFS) Releases Earnings Results, Beats Expectations By $0.08 EPS

GlobalFoundries (NASDAQ:GFS) released its quarterly earnings data on Tuesday. The company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.08, Briefing.com reports. The business had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.73 billion. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. The company’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.47 EPS. GlobalFoundries updated its Q4 2024 guidance to 0.390-0.510 EPS and its Q4 guidance to $0.39-0.51 EPS.

GlobalFoundries Price Performance

Shares of GFS traded down $1.52 during trading hours on Thursday, reaching $45.27. 3,948,698 shares of the company traded hands, compared to its average volume of 1,619,143. The stock has a market capitalization of $24.98 billion, a PE ratio of 33.43, a price-to-earnings-growth ratio of 5.82 and a beta of 1.53. The stock has a fifty day simple moving average of $40.35 and a 200 day simple moving average of $46.54. GlobalFoundries has a fifty-two week low of $35.85 and a fifty-two week high of $62.61. The company has a quick ratio of 1.59, a current ratio of 2.22 and a debt-to-equity ratio of 0.19.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Wedbush reissued an “outperform” rating and set a $60.00 price objective (down previously from $65.00) on shares of GlobalFoundries in a report on Tuesday. Evercore ISI dropped their price target on GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of GlobalFoundries from $55.00 to $50.00 and set a “buy” rating on the stock in a research note on Wednesday. Needham & Company LLC reiterated a “hold” rating on shares of GlobalFoundries in a research report on Wednesday. Finally, Susquehanna cut their price target on shares of GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating for the company in a report on Wednesday. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $50.46.

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.