GlobalFoundries (NASDAQ:GFS) Issues Q4 Earnings Guidance

by · The Cerbat Gem

GlobalFoundries (NASDAQ:GFS – Get Free Report) issued an update on its fourth quarter earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $0.39-0.51 for the period, compared to the consensus 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 Trading Up 12.3 %

GFS traded up $5.10 on Wednesday, reaching $46.47. 4,936,285 shares of the company’s stock were exchanged, compared to its average volume of 1,600,605. The company’s 50 day moving average is $40.33 and its 200-day moving average is $46.53. The company has a market cap of $25.64 billion, a price-to-earnings ratio of 31.33, a PEG ratio of 5.92 and a beta of 1.53. GlobalFoundries has a twelve month low of $35.85 and a twelve month high of $62.61. 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 (NASDAQ:GFS – Get Free Report) last issued 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. The company 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%. GlobalFoundries’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same quarter last year, the company earned $0.45 earnings per share. Equities analysts predict that GlobalFoundries will post 1.09 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on GFS shares. TD Cowen reduced their price objective on GlobalFoundries from $65.00 to $55.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Citigroup dropped their target price on GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a research report on Tuesday. Needham & Company LLC reaffirmed a “hold” rating on shares of GlobalFoundries in a research report on Wednesday. Deutsche Bank Aktiengesellschaft dropped their target price on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Susquehanna dropped their target price on GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating on the stock in a research report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, GlobalFoundries has an average rating of “Hold” and a consensus price target of $50.46.

View Our Latest Stock Report on GlobalFoundries

About GlobalFoundries

(Get Free Report)

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.

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