GLOBALFOUNDRIES (NASDAQ:GFS) Issues Earnings Results

GLOBALFOUNDRIES (NASDAQ:GFS) reported quarterly earnings of $0.38 per share, beating analysts' estimates of $0.29. The company's revenue for the quarter was $1.63 billion, slightly higher than the expected $1.61 billion. Despite a decrease in revenue compared to the previous year, GLOBALFOUNDRIES had a net margin of 12.66% and a return on equity of 8.78%. The stock price of GFS traded down on Tuesday.

GLOBALFOUNDRIES (NASDAQ:GFS - Get Free Report) released its quarterly earnings results on Tuesday. The company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.09, Briefing.com reports. The company had revenue of $1.63 billion for the quarter, compared to analysts' expectations of $1.61 billion. GLOBALFOUNDRIES had a net margin of 12.66% and a return on equity of 8.78%. The firm's revenue for the quarter was down 11.5% compared to the same quarter last year. During the same period last year, the company earned $0.45 EPS.

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GLOBALFOUNDRIES Trading Down 0.2 %

Qualcomm Stock Continues to Rise in the Face of Negative News

Shares of GFS stock traded down $0.11 during trading hours on Tuesday, reaching $44.66. 421,078 shares of the stock traded hands, compared to its average volume of 1,646,331. The business has a fifty day moving average price of $51.17 and a 200 day moving average price of $52.06. GLOBALFOUNDRIES has a 1-year low of $43.60 and a 1-year high of $62.61. The company has a quick ratio of 1.59, a current ratio of 2.18 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $24.64 billion, a PE ratio of 27.64, a PEG ratio of 4.52 and a beta of 1.56.

Analysts Set New Price Targets

GFS has been the topic of several research analyst reports. Bank of America decreased their target price on shares of GLOBALFOUNDRIES from $62.00 to $55.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 16th. Evercore ISI initiated coverage on GLOBALFOUNDRIES in a report on Tuesday, April 16th. They issued an "outperform" rating and a $71.00 price target for the company. Susquehanna boosted their price objective on GLOBALFOUNDRIES from $48.00 to $50.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 8th. Morgan Stanley increased their target price on GLOBALFOUNDRIES from $62.00 to $63.00 and gave the company an "overweight" rating in a research note on Wednesday, May 8th. Finally, Jefferies Financial Group began coverage on GLOBALFOUNDRIES in a report on Monday, May 13th. They set a "buy" rating and a $62.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, GLOBALFOUNDRIES currently has an average rating of "Hold" and a consensus price target of $59.00.

Tech Earnings Insights: Where Opportunity Meets Uncertainty

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About GLOBALFOUNDRIES

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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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