GLOBALFOUNDRIES (NASDAQ:GFS) Posts Earnings Results, Beats Estimates By $0.10 EPS

GLOBALFOUNDRIES (NASDAQ:GFS) issued its earnings results on Tuesday. The company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.10, Briefing.com reports. The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.61 billion. GLOBALFOUNDRIES had a return on equity of 8.78% and a net margin of 12.66%. The business’s quarterly revenue was down 11.5% on a year-over-year basis. During the same quarter last year, the company earned $0.45 EPS. GLOBALFOUNDRIES updated its Q3 2024 guidance to 0.280-0.380 EPS.

GLOBALFOUNDRIES Price Performance

GFS traded up $1.45 during trading on Thursday, reaching $44.15. 317,783 shares of the stock were exchanged, compared to its average volume of 1,659,366. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.18 and a quick ratio of 1.59. The company has a market capitalization of $24.36 billion, a price-to-earnings ratio of 26.36, a P/E/G ratio of 4.52 and a beta of 1.56. GLOBALFOUNDRIES has a 1 year low of $42.59 and a 1 year high of $62.61. The business’s 50 day moving average price is $50.79 and its two-hundred day moving average price is $51.80.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Susquehanna upped their price objective on shares of GLOBALFOUNDRIES from $48.00 to $50.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th. HSBC dropped their price target on GLOBALFOUNDRIES from $56.00 to $43.00 and set a “hold” rating on the stock in a research note on Friday, May 3rd. TD Cowen reduced their price objective on GLOBALFOUNDRIES from $65.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday. Needham & Company LLC restated a “hold” rating on shares of GLOBALFOUNDRIES in a research report on Wednesday. Finally, Bank of America cut their target price on shares of GLOBALFOUNDRIES from $62.00 to $55.00 and set a “neutral” rating on the stock in a report on Tuesday, April 16th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $57.54.

About GLOBALFOUNDRIES

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.