GLOBALFOUNDRIES (NASDAQ:GFS) Releases Q2 2024 Earnings Guidance

GLOBALFOUNDRIES (NASDAQ:GFSGet Free Report) updated its second quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 0.240-0.340 for the period, compared to the consensus earnings per share 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.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Needham & Company LLC restated a hold rating on shares of GLOBALFOUNDRIES in a research report on Wednesday. Bank of America lowered their target price on GLOBALFOUNDRIES from $62.00 to $55.00 and set a neutral rating on the stock in a research note on Tuesday, April 16th. Robert W. Baird dropped their price objective on shares of GLOBALFOUNDRIES from $70.00 to $63.00 and set an outperform rating on the stock in a research note on Wednesday, February 14th. Evercore ISI started coverage on shares of GLOBALFOUNDRIES in a report on Tuesday, April 16th. They set an outperform rating and a $71.00 price target on the stock. Finally, HSBC cut their price objective on GLOBALFOUNDRIES from $56.00 to $43.00 and set a hold rating for the company in a report on Friday, May 3rd. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, GLOBALFOUNDRIES presently has an average rating of Moderate Buy and a consensus target price of $61.23.

View Our Latest Research Report on GFS

GLOBALFOUNDRIES Stock Performance

Shares of NASDAQ:GFS traded down $0.51 during midday trading on Friday, hitting $51.09. The company’s stock had a trading volume of 958,729 shares, compared to its average volume of 1,480,067. GLOBALFOUNDRIES has a fifty-two week low of $45.52 and a fifty-two week high of $68.57. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.56 and a current ratio of 2.04. The stock has a market capitalization of $28.28 billion, a price-to-earnings ratio of 27.77, a PEG ratio of 4.20 and a beta of 1.61. The stock’s 50 day simple moving average is $50.60 and its 200 day simple moving average is $53.82.

GLOBALFOUNDRIES (NASDAQ:GFSGet Free Report) last posted its quarterly earnings data on Tuesday, February 13th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 10.16% and a net margin of 13.80%. GLOBALFOUNDRIES’s revenue for the quarter was down 11.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.37 earnings per share. As a group, research analysts anticipate that GLOBALFOUNDRIES will post 1 earnings per share for the current year.

GLOBALFOUNDRIES Company Profile

(Get Free Report)

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.

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