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

GlobalFoundries (NASDAQ:GFS) announced its quarterly earnings data 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. The business 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 quarterly revenue was down 6.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.47 EPS. 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

GFS traded down $1.52 during trading on Thursday, reaching $45.27. The company’s stock had a trading volume of 3,948,698 shares, compared to its average volume of 1,619,143. GlobalFoundries has a 52-week low of $35.85 and a 52-week high of $62.61. The company’s fifty day moving average price is $40.35 and its 200-day moving average price is $46.54. The company has a market capitalization of $24.98 billion, a price-to-earnings ratio of 33.43, a price-to-earnings-growth ratio of 5.82 and a beta of 1.53. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.59 and a current ratio of 2.22.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on GFS shares. Morgan Stanley lowered GlobalFoundries from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $53.00 to $43.00 in a report on Monday, October 28th. Citigroup dropped their target price on GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday. Deutsche Bank Aktiengesellschaft lowered their price objective on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday. Evercore ISI reduced 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, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $40.00 price objective on shares of GlobalFoundries in a research report on Wednesday. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock 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.