GlobalFoundries (NASDAQ:GFS) Updates Q4 2024 Earnings Guidance

GlobalFoundries (NASDAQ:GFS) updated its fourth quarter 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 0.390-0.510 for the period, compared to the consensus earnings per share 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.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on GFS. Deutsche Bank Aktiengesellschaft decreased their target price on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday. Robert W. Baird decreased their target price on GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating for the company in a research report on Wednesday. Needham & Company LLC reissued a “hold” rating on shares of GlobalFoundries in a research report on Wednesday. Evercore ISI cut their price target on GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday. Finally, Susquehanna cut their price target on GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating on the stock 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 MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $50.46.

GlobalFoundries Stock Performance

Shares of GFS opened at $45.27 on Friday. The business’s fifty day simple moving average is $40.34 and its two-hundred day simple moving average is $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 has a 12 month low of $35.85 and a 12 month high of $62.61. The company has a market cap 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.

GlobalFoundries (NASDAQ:GFS) last issued its earnings results on Tuesday, November 5th. The company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.33 by $0.08. The business had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.73 billion. GlobalFoundries had a return on equity of 7.75% and a net margin of 11.82%. The company’s revenue was down 6.1% compared to the same quarter last year. During the same period last year, the business posted $0.47 EPS. Research analysts anticipate that GlobalFoundries will post 1.09 earnings per share for the current fiscal year.

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.