GLOBALFOUNDRIES (NASDAQ:GFS) Updates Q3 2024 Earnings Guidance

GLOBALFOUNDRIES (NASDAQ:GFS - Get Free Report) updated its third quarter 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 0.280-0.380 for the period, compared to the consensus earnings per share estimate of 0.350. The company issued revenue guidance of $1.7 billion-$1.8 billion, compared to the consensus revenue estimate of $1.7 billion.

Analyst Ratings Changes

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A number of research analysts have issued reports on the company. HSBC reduced their price objective on GLOBALFOUNDRIES from $56.00 to $43.00 and set a hold rating for the company in a research note on Friday, May 3rd. Cantor Fitzgerald restated a neutral rating and issued a $55.00 price objective on shares of GLOBALFOUNDRIES in a research note on Tuesday, July 16th. 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. Susquehanna increased their price target on GLOBALFOUNDRIES from $48.00 to $50.00 and gave the stock a neutral rating in a research note on Wednesday, May 8th. Finally, Needham & Company LLC reiterated a hold rating on shares of GLOBALFOUNDRIES in a research note on Wednesday. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $58.69.

Get Our Latest Analysis on GLOBALFOUNDRIES

GLOBALFOUNDRIES Stock Down 3.4 %

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Shares of NASDAQ GFS opened at $43.23 on Wednesday. GLOBALFOUNDRIES has a 52 week low of $43.18 and a 52 week high of $62.61. The business has a 50-day simple moving average of $50.91 and a two-hundred day simple moving average of $51.86. 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 company has a market cap of $23.85 billion, a P/E ratio of 26.69, a P/E/G ratio of 4.52 and a beta of 1.56.

GLOBALFOUNDRIES (NASDAQ:GFS - Get Free Report) last issued its earnings results on Tuesday, August 6th. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.29 by $0.09. GLOBALFOUNDRIES had a return on equity of 8.78% and a net margin of 12.66%. The business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter last year, the company earned $0.45 EPS. The firm's revenue was down 11.5% compared to the same quarter last year. Research analysts anticipate that GLOBALFOUNDRIES will post 1.06 earnings per share for the current fiscal year.

About GLOBALFOUNDRIES

• 3 Technologies to Challenge NAND Flash Dominance in AI

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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