GlobalFoundries (NASDAQ:GFS) Posts Quarterly Earnings Results, Beats Estimates By $0.08 EPS

by · The Cerbat Gem

GlobalFoundries (NASDAQ:GFS – Get Free Report) issued its earnings results on Tuesday. The company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.08, Briefing.com reports. The firm had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.73 billion. GlobalFoundries had a return on equity of 7.75% and a net margin of 11.82%. The firm’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same period last year, the company earned $0.47 earnings per share. 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 4.3 %

Shares of GFS traded down $1.99 during mid-day trading on Thursday, reaching $44.80. The company’s stock had a trading volume of 2,474,290 shares, compared to its average volume of 1,612,477. GlobalFoundries has a 1 year low of $35.85 and a 1 year high of $62.61. The company has a quick ratio of 1.59, a current ratio of 2.22 and a debt-to-equity ratio of 0.19. The company has a market cap of $24.72 billion, a price-to-earnings ratio of 33.54, a price-to-earnings-growth ratio of 5.82 and a beta of 1.53. The business has a fifty day moving average of $40.35 and a 200 day moving average of $46.54.

Wall Street Analyst Weigh In

A number of analysts have weighed in on GFS shares. Evercore ISI lowered their price target on GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday. TD Cowen reduced their price target on GlobalFoundries from $65.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Morgan Stanley cut GlobalFoundries from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $53.00 to $43.00 in a research note on Monday, October 28th. Susquehanna dropped their price objective on GlobalFoundries from $50.00 to $48.00 and set a “neutral” rating on the stock in a research note on Wednesday. Finally, Robert W. Baird dropped their target price on shares of GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating for the company in a research report on Wednesday. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, GlobalFoundries currently has an average rating of “Hold” and an average target price of $50.46.

Check Out Our Latest Stock Report on GFS

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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