GlobalFoundries (NASDAQ:GFS) Releases Q4 2024 Earnings Guidance

GlobalFoundries (NASDAQ:GFS) updated its fourth quarter 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 0.390-0.510 for the period, compared to the consensus 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 Stock Up 12.4 %

GFS stock traded up $5.12 during midday trading on Wednesday, hitting $46.49. The company’s stock had a trading volume of 4,831,505 shares, compared to its average volume of 1,600,118. GlobalFoundries has a 52-week low of $35.85 and a 52-week high of $62.61. The firm has a market capitalization of $25.65 billion, a P/E ratio of 31.33, a PEG ratio of 5.92 and a beta of 1.53. 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 firm has a 50-day simple moving average of $40.33 and a 200-day simple moving average of $46.53.

GlobalFoundries (NASDAQ:GFS) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.10. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. The company’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.45 EPS. As a group, equities analysts forecast that GlobalFoundries will post 1.09 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on GFS shares. Evercore ISI lowered their price objective on shares of GlobalFoundries from $71.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday. Citigroup lowered their price target on GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday. Deutsche Bank Aktiengesellschaft reduced their price objective on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating for the company in a research note on Wednesday. Cantor Fitzgerald reiterated a “neutral” rating and issued a $40.00 target price on shares of GlobalFoundries in a research note on Wednesday. Finally, Morgan Stanley cut GlobalFoundries from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $53.00 to $43.00 in a research note on Monday, October 28th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price 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.