GLOBALFOUNDRIES (NASDAQ:GFS) Issues Q2 Earnings Guidance

GLOBALFOUNDRIES (NASDAQ:GFS – Get Rating) updated its second quarter earnings guidance on Tuesday. The company provided EPS guidance of $0.43-0.48 for the period, compared to the consensus EPS estimate of $0.27. The company issued revenue guidance of $1.955-1985 billion, compared to the consensus revenue estimate of $1.93 billion.GLOBALFOUNDRIES also updated its Q2 2022 guidance to $0.43-$0.48 EPS.

GFS traded up $0.45 during trading hours on Tuesday, hitting $52.73. The stock had a trading volume of 3,184,543 shares, compared to its average volume of 2,437,375. The firm’s fifty day simple moving average is $59.97. GLOBALFOUNDRIES has a 1 year low of $43.59 and a 1 year high of $79.49. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.32 and a current ratio of 1.67.

GLOBALFOUNDRIES (NASDAQ:GFS – Get Rating) last announced its quarterly earnings data on Tuesday, May 10th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.18. The firm had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.90 billion. During the same period last year, the business posted ($0.25) EPS. The company’s revenue was up 36.8% compared to the same quarter last year. As a group, research analysts predict that GLOBALFOUNDRIES will post 1.58 earnings per share for the current fiscal year.

Several equities research analysts recently weighed in on GFS shares. Deutsche Bank Aktiengesellschaft decreased their price objective on GLOBALFOUNDRIES from $78.00 to $70.00 and set a buy rating for the company in a report on Wednesday, April 20th. Morgan Stanley raised GLOBALFOUNDRIES from an equal weight rating to an overweight rating and lifted their target price for the company from $70.00 to $72.50 in a report on Thursday, March 3rd. Finally, Zacks Investment Research lowered GLOBALFOUNDRIES from a buy rating to a hold rating in a report on Tuesday, May 3rd. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Buy and an average price target of $79.56.

A number of large investors have recently added to or reduced their stakes in GFS. Citigroup Inc. bought a new stake in GLOBALFOUNDRIES in the 4th quarter worth approximately $274,000. Schonfeld Strategic Advisors LLC purchased a new position in GLOBALFOUNDRIES in the 4th quarter worth approximately $377,000. Charles Schwab Investment Management Inc. purchased a new position in GLOBALFOUNDRIES in the 4th quarter worth approximately $386,000. CIBC World Markets Inc. purchased a new position in GLOBALFOUNDRIES in the 4th quarter worth approximately $448,000. Finally, The Manufacturers Life Insurance Company purchased a new position in GLOBALFOUNDRIES in the 4th quarter worth approximately $614,000. Institutional investors own 12.09% of the company’s stock.

About GLOBALFOUNDRIES (Get Rating)

GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. It manufactures integrated circuits, which enable various electronic devices that are pervasive. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, power management units, and microelectromechanical systems, as well as offers mainstream wafer fabrication services and technologies.

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