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 guidance of 0.390-0.510 for the period, compared to the consensus earnings per share 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 Performance

Shares of NASDAQ GFS 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. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.59 and a current ratio of 2.22. The firm’s fifty day moving average price is $40.33 and its 200-day moving average price is $46.53. GlobalFoundries has a 1-year low of $35.85 and a 1-year high of $62.61. The firm has a market cap of $25.65 billion, a P/E ratio of 31.33, a P/E/G ratio of 5.92 and a beta of 1.53.

GlobalFoundries (NASDAQ:GFS) last announced its quarterly 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 the consensus estimate of $1.61 billion. GlobalFoundries had a return on equity of 7.75% and a net margin of 11.82%. The business’s revenue was down 11.5% on a year-over-year basis. During the same quarter last year, the business posted $0.45 EPS. On average, sell-side analysts forecast that GlobalFoundries will post 1.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on GFS shares. Robert W. Baird dropped their price objective on shares of GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating on the stock in a report on Wednesday. Deutsche Bank Aktiengesellschaft cut their price target on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating on the stock in a report on Wednesday. Needham & Company LLC reaffirmed a “hold” rating on shares of GlobalFoundries in a research note on Wednesday. Morgan Stanley lowered GlobalFoundries from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $53.00 to $43.00 in a report on Monday, October 28th. Finally, TD Cowen reduced their price objective on shares of GlobalFoundries from $65.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price 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.