GlobalFoundries (NASDAQ:GFS) Issues Earnings Results

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

GlobalFoundries Stock Performance

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

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Evercore ISI lowered their price objective on shares of GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday. Robert W. Baird dropped their target price on GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating on the stock in a research report on Wednesday. Deutsche Bank Aktiengesellschaft dropped their target price on shares of GlobalFoundries from $55.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday. Cantor Fitzgerald reissued a “neutral” rating and set a $40.00 price target on shares of GlobalFoundries in a research report on Wednesday. Finally, Susquehanna lowered their target price on shares of GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating for the company in a research note on Wednesday. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus 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.