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

GlobalFoundries (NASDAQ:GFS) posted its earnings results on Tuesday. The company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same quarter in the prior year, the company earned $0.47 EPS. GlobalFoundries’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 Down 3.2 %

Shares of GFS stock traded down $1.52 during trading hours on Thursday, hitting $45.27. 3,948,698 shares of the company were exchanged, compared to its average volume of 1,619,143. 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 has a one year low of $35.85 and a one year high of $62.61. The business’s 50-day simple moving average is $40.35 and its two-hundred day simple moving average is $46.54. The stock has a market capitalization of $24.98 billion, a price-to-earnings ratio of 33.43, a P/E/G ratio of 5.82 and a beta of 1.53.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on GFS shares. Deutsche Bank Aktiengesellschaft reduced their target price on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating on the stock in a research note on Wednesday. Morgan Stanley downgraded GlobalFoundries from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $53.00 to $43.00 in a report on Monday, October 28th. TD Cowen lowered their price target on GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Wedbush reiterated an “outperform” rating and issued a $60.00 price target (down from $65.00) on shares of GlobalFoundries in a report on Tuesday. Finally, Susquehanna lowered their target price on GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating for the company in a research note on Wednesday. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target 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.