GlobalFoundries (NASDAQ:GFS) Updates Q4 Earnings Guidance

GlobalFoundries (NASDAQ:GFS - Get Free Report) issued an update on its fourth quarter earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $0.39-0.51 for the period, compared to the consensus estimate of $0.38. The company issued revenue guidance of $1.80-1.85 billion, compared to the consensus revenue estimate of $1.80 billion. GlobalFoundries also updated its Q4 2024 guidance to 0.390-0.510 EPS.

GlobalFoundries Trading Up 14.9 %

GFS traded up $5.36 during trading on Tuesday, hitting $41.37. The company's stock had a trading volume of 6,778,122 shares, compared to its average volume of 1,585,006. The firm has a market capitalization of $22.83 billion, a P/E ratio of 27.14, a PEG ratio of 5.92 and a beta of 1.53. GlobalFoundries has a twelve month low of $35.85 and a twelve month high of $62.61. The stock's fifty day moving average price is $40.42 and its 200-day moving average price is $46.57. The company has a quick ratio of 1.59, a current ratio of 2.22 and a debt-to-equity ratio of 0.19.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last issued its earnings results on Tuesday, August 6th. The company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.10. The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.61 billion. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. During the same period in the prior year, the firm earned $0.45 earnings per share. GlobalFoundries's revenue was down 11.5% on a year-over-year basis. Analysts anticipate that GlobalFoundries will post 1.09 EPS for the current year.

Analyst Ratings Changes

GFS has been the subject of several research reports. Morgan Stanley downgraded 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 research note on Monday, October 28th. Needham & Company LLC reissued a "hold" rating on shares of GlobalFoundries in a research note on Wednesday, August 7th. TD Cowen lowered their target price on GlobalFoundries from $65.00 to $55.00 and set a "buy" rating on the stock in a research report on Wednesday, August 7th. Cantor Fitzgerald reduced their price target on shares of GlobalFoundries from $55.00 to $40.00 and set a "neutral" rating for the company in a research report on Tuesday, October 8th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on shares of GlobalFoundries from $60.00 to $55.00 and set a "buy" rating on the stock in a report on Wednesday, August 7th. Eight research 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, the company presently has a consensus rating of "Hold" and an average target price 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.