GlobalFoundries (GFS) Set to Announce Earnings on Tuesday

GlobalFoundries (NASDAQ:GFS - Get Free Report) will announce its earnings results before the market opens on Tuesday, November 5th. Analysts expect the company to announce earnings of $0.33 per share for the quarter. GlobalFoundries has set its Q3 2024 guidance at 0.280-0.380 EPS.Parties that are interested in participating in the company's conference call can do so using this link.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.10. GlobalFoundries had a return on equity of 7.75% and a net margin of 11.82%. The company had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same period in the previous year, the company posted $0.45 earnings per share. The firm's revenue was down 11.5% on a year-over-year basis. On average, analysts expect GlobalFoundries to post $1 EPS for the current fiscal year and $2 EPS for the next fiscal year.

GlobalFoundries Stock Up 1.2 %

Shares of NASDAQ GFS traded up $0.48 during mid-day trading on Tuesday, hitting $40.72. 1,994,730 shares of the stock traded hands, compared to its average volume of 1,547,270. 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 52 week low of $37.94 and a 52 week high of $62.61. The company has a market cap of $22.47 billion, a price-to-earnings ratio of 25.21, a PEG ratio of 6.35 and a beta of 1.52. The stock has a fifty day moving average price of $41.22 and a 200-day moving average price of $46.93.

Analysts Set New Price Targets

Several research analysts have recently weighed in on GFS shares. Deutsche Bank Aktiengesellschaft decreased their price target on GlobalFoundries from $60.00 to $55.00 and set a "buy" rating for the company in a research note on Wednesday, August 7th. Wedbush reaffirmed an "outperform" rating and issued a $65.00 price objective on shares of GlobalFoundries in a research note on Wednesday, August 7th. Morgan Stanley downgraded GlobalFoundries from an "overweight" rating to an "equal weight" rating and decreased their price objective for the stock from $53.00 to $43.00 in a research note on Monday. TD Cowen decreased their price objective on GlobalFoundries from $65.00 to $55.00 and set a "buy" rating on the stock in a research note on Wednesday, August 7th. Finally, Cantor Fitzgerald decreased their price objective on GlobalFoundries from $55.00 to $40.00 and set a "neutral" rating on the stock in a research note on Tuesday, October 8th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, GlobalFoundries presently has an average rating of "Hold" and an average price target of $54.85.

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.