GLOBALFOUNDRIES (GFS) to Release Quarterly Earnings on Tuesday

GLOBALFOUNDRIES (NASDAQ:GFS) is scheduled to post its quarterly earnings results before the market opens on Tuesday, May 7th. Analysts expect GLOBALFOUNDRIES to post earnings of $0.23 per share for the quarter. GLOBALFOUNDRIES has set its Q1 guidance at $0.18-0.28 EPS and its Q1 2024 guidance at 0.180-0.280 EPS.Investors interested in listening to the company’s conference call can do so using this link.

GLOBALFOUNDRIES (NASDAQ:GFS) last issued its quarterly earnings results on Tuesday, February 13th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. The business had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.85 billion. GLOBALFOUNDRIES had a return on equity of 10.16% and a net margin of 13.80%. GLOBALFOUNDRIES’s quarterly revenue was down 11.8% compared to the same quarter last year. During the same period last year, the company posted $1.37 earnings per share. On average, analysts expect GLOBALFOUNDRIES to post $1 EPS for the current fiscal year and $2 EPS for the next fiscal year.

GLOBALFOUNDRIES Stock Up 0.8 %

Shares of NASDAQ:GFS opened at $48.80 on Tuesday. The company has a market capitalization of $26.73 billion, a PE ratio of 26.52, a price-to-earnings-growth ratio of 4.09 and a beta of 1.61. GLOBALFOUNDRIES has a 1 year low of $45.52 and a 1 year high of $68.57. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.04 and a quick ratio of 1.56. The business has a fifty day moving average price of $51.29 and a two-hundred day moving average price of $54.13.

Wall Street Analysts Forecast Growth

Several analysts have commented on GFS shares. JPMorgan Chase & Co. lowered their price objective on shares of GLOBALFOUNDRIES from $56.00 to $55.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 14th. Robert W. Baird lowered their price target on shares of GLOBALFOUNDRIES from $70.00 to $63.00 and set an “outperform” rating on the stock in a report on Wednesday, February 14th. Citigroup downgraded GLOBALFOUNDRIES from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $70.00 to $56.00 in a research note on Wednesday, February 14th. Cantor Fitzgerald reissued a “neutral” rating and issued a $55.00 target price (down from $70.00) on shares of GLOBALFOUNDRIES in a research report on Monday, April 8th. Finally, Evercore ISI initiated coverage on GLOBALFOUNDRIES in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $71.00 target price on the stock. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $63.08.

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.