GlobalFoundries (NASDAQ:GFS) Issues Q4 2024 Earnings Guidance

GlobalFoundries (NASDAQ:GFS) issued an update on its fourth quarter 2024 earnings guidance on Tuesday morning. 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.

GlobalFoundries Price Performance

NASDAQ:GFS traded down $1.52 during midday trading on Thursday, hitting $45.27. 3,830,904 shares of the stock were exchanged, compared to its average volume of 1,619,143. GlobalFoundries has a one year low of $35.85 and a one year high of $62.61. The company has a market capitalization of $24.98 billion, a price-to-earnings ratio of 33.78, a P/E/G ratio of 5.82 and a beta of 1.53. The business has a 50-day moving average price of $40.34 and a two-hundred day moving average price of $46.53. 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 (NASDAQ:GFS) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm’s revenue was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.47 earnings per share. Sell-side analysts predict that GlobalFoundries will post 1.09 EPS for the current year.

Analyst Ratings Changes

Several research firms have issued reports on GFS. Evercore ISI dropped their price target on GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday. Morgan Stanley cut GlobalFoundries from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $53.00 to $43.00 in a report on Monday, October 28th. Robert W. Baird dropped their price target on GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating on the stock in a report on Wednesday. Deutsche Bank Aktiengesellschaft dropped their price target on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Susquehanna lowered their price objective on shares of 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 assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target 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.