GlobalFoundries (NASDAQ:GFS) Updates Q4 Earnings Guidance

GlobalFoundries (NASDAQ:GFS) issued an update on its fourth quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.39-0.51 for the period, compared to the consensus earnings per share 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 Price Performance

GFS stock opened at $45.00 on Friday. The company has a current ratio of 2.22, a quick ratio of 1.59 and a debt-to-equity ratio of 0.19. GlobalFoundries has a one year low of $35.85 and a one year high of $62.61. The firm has a market capitalization of $24.83 billion, a PE ratio of 33.78, a P/E/G ratio of 5.82 and a beta of 1.53. The firm has a 50-day moving average of $40.34 and a two-hundred day moving average of $46.53.

GlobalFoundries (NASDAQ:GFS) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.08. The business had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.73 billion. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. The firm’s revenue was down 6.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.47 earnings per share. On average, analysts forecast that GlobalFoundries will post 1.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on GFS shares. Wedbush reissued an “outperform” rating and issued a $60.00 price target (down from $65.00) on shares of GlobalFoundries in a research report on Tuesday. Robert W. Baird lowered their price target on GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating on the stock in a report on Wednesday. Evercore ISI lowered their price objective on shares of GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday. Morgan Stanley downgraded shares of GlobalFoundries from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $53.00 to $43.00 in a research note on Monday, October 28th. Finally, TD Cowen reduced their target price on GlobalFoundries from $65.00 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 assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $50.46.

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.