GLOBALFOUNDRIES (NASDAQ:GFS) Releases Q2 2024 Earnings Guidance

GLOBALFOUNDRIES (NASDAQ:GFS) updated its second quarter 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 0.240-0.340 for the period, compared to the consensus estimate of 0.280. The company issued revenue guidance of $1.6 billion-$1.6 billion, compared to the consensus revenue estimate of $1.6 billion.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on GFS. Cantor Fitzgerald reaffirmed a neutral rating and issued a $55.00 target price (down previously from $70.00) on shares of GLOBALFOUNDRIES in a research report on Monday, April 8th. Needham & Company LLC reaffirmed a hold rating on shares of GLOBALFOUNDRIES in a research report on Wednesday. JPMorgan Chase & Co. decreased their target price on shares of GLOBALFOUNDRIES from $56.00 to $55.00 and set a neutral rating for the company in a research report on Wednesday, February 14th. Evercore ISI began coverage on shares of GLOBALFOUNDRIES in a research report on Tuesday, April 16th. They issued an outperform rating and a $71.00 target price for the company. Finally, Citigroup downgraded shares of GLOBALFOUNDRIES from a buy rating to a neutral rating and decreased their target price for the company from $70.00 to $56.00 in a research report on Wednesday, February 14th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $61.62.

GLOBALFOUNDRIES Stock Performance

GFS stock traded down $0.96 during trading hours on Wednesday, reaching $52.30. The stock had a trading volume of 319,789 shares, compared to its average volume of 1,545,451. The stock has a 50-day simple moving average of $50.75 and a 200 day simple moving average of $53.86. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.04 and a quick ratio of 1.56. The stock has a market capitalization of $28.95 billion, a PE ratio of 28.95, a price-to-earnings-growth ratio of 4.16 and a beta of 1.61. GLOBALFOUNDRIES has a fifty-two week low of $45.52 and a fifty-two week high of $68.57.

GLOBALFOUNDRIES (NASDAQ:GFS) last posted its earnings results on Tuesday, February 13th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. The company had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $1.85 billion. GLOBALFOUNDRIES had a net margin of 13.80% and a return on equity of 10.16%. GLOBALFOUNDRIES’s quarterly revenue was down 11.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.37 EPS. Analysts predict that GLOBALFOUNDRIES will post 1 EPS for the current fiscal year.

GLOBALFOUNDRIES Company Profile

GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units; and offers mainstream wafer fabrication services and technologies.