GLOBALFOUNDRIES (GFS) Set to Announce 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.Individual interested in registering for the company’s earnings conference call can do so using this link.

GLOBALFOUNDRIES (NASDAQ:GFS) last released its earnings results on Tuesday, February 13th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. The company had revenue of $1.85 billion during 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%. The company’s revenue for the quarter was down 11.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $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 %

NASDAQ:GFS opened at $48.80 on Tuesday. The business’s fifty day moving average price is $51.29 and its 200 day moving average price is $54.13. The firm has a market capitalization of $26.73 billion, a price-to-earnings ratio of 26.52, a PEG ratio of 4.09 and a beta of 1.61. The company has a current ratio of 2.04, a quick ratio of 1.56 and a debt-to-equity ratio of 0.16. GLOBALFOUNDRIES has a 1-year low of $45.52 and a 1-year high of $68.57.

Analyst Ratings Changes

A number of brokerages have recently weighed in on GFS. Cantor Fitzgerald reiterated a “neutral” rating and issued a $55.00 target price (down previously from $70.00) on shares of GLOBALFOUNDRIES in a report on Monday, April 8th. Susquehanna reiterated a “neutral” rating and issued a $48.00 target price (down previously from $65.00) on shares of GLOBALFOUNDRIES in a research report on Tuesday, March 5th. 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 lowered GLOBALFOUNDRIES from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $70.00 to $56.00 in a report on Wednesday, February 14th. Finally, Bank of America reduced their price objective on GLOBALFOUNDRIES from $62.00 to $55.00 and set a “neutral” rating for the company in a research report on Tuesday, April 16th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, GLOBALFOUNDRIES currently has an average 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.