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

GlobalFoundries (NASDAQ:GFS) issued its earnings results on Tuesday. The company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.08, Briefing.com reports. GlobalFoundries had a net margin of 11.82% and a return on equity of 7.75%. The business had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same period last year, the business posted $0.47 EPS. GlobalFoundries’s revenue was down 6.1% on a year-over-year basis. GlobalFoundries updated its Q4 2024 guidance to 0.390-0.510 EPS and its Q4 guidance to $0.39-0.51 EPS.

GlobalFoundries Stock Down 3.2 %

NASDAQ GFS traded down $1.52 during mid-day trading on Thursday, reaching $45.27. The stock had a trading volume of 3,830,904 shares, compared to its average volume of 1,619,143. GlobalFoundries has a 1 year low of $35.85 and a 1 year high of $62.61. The company has a fifty day moving average price of $40.35 and a 200 day moving average price of $46.54. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.22 and a quick ratio of 1.59. The stock has a market cap of $24.98 billion, a PE ratio of 33.43, a price-to-earnings-growth ratio of 5.82 and a beta of 1.53.

Wall Street Analyst Weigh In

A number of research firms have issued reports on GFS. Robert W. Baird cut their price objective on shares of GlobalFoundries from $63.00 to $50.00 and set an “outperform” rating for the company in a report on Wednesday. Needham & Company LLC reissued a “hold” rating on shares of GlobalFoundries in a research report on Wednesday. Morgan Stanley lowered GlobalFoundries from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $53.00 to $43.00 in a research note on Monday, October 28th. Deutsche Bank Aktiengesellschaft cut their target price on GlobalFoundries from $55.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Citigroup decreased their price target on GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating on the stock in a research report on Tuesday. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, GlobalFoundries currently has an average rating of “Hold” and a consensus price target 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.