GLOBALFOUNDRIES (GFS) to Release Quarterly Earnings on Tuesday

GLOBALFOUNDRIES (NASDAQ:GFS) is scheduled to be announcing its earnings results before the market opens on Tuesday, May 7th. Analysts expect the company to announce 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.Parties that wish to listen to the company’s conference call can do so using this link.

GLOBALFOUNDRIES (NASDAQ:GFS) last posted its quarterly earnings data on Tuesday, February 13th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.59 by $0.05. The firm had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.85 billion. GLOBALFOUNDRIES had a return on equity of 10.16% and a net margin of 13.80%. The firm’s revenue was down 11.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.37 EPS. 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 2.1 %

GFS opened at $49.27 on Friday. The business has a 50 day moving average price of $50.86 and a two-hundred day moving average price of $53.92. The company has a quick ratio of 1.56, a current ratio of 2.04 and a debt-to-equity ratio of 0.16. The company has a market cap of $27.27 billion, a PE ratio of 26.78, a P/E/G ratio of 4.08 and a beta of 1.61. GLOBALFOUNDRIES has a 52 week low of $45.52 and a 52 week high of $68.57.

Analyst Upgrades and Downgrades

GFS has been the subject of several analyst reports. 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. Susquehanna reissued a “neutral” rating and set a $48.00 target price (down from $65.00) on shares of GLOBALFOUNDRIES in a research note on Tuesday, March 5th. Citigroup downgraded GLOBALFOUNDRIES from a “buy” rating to a “neutral” rating and cut their target price for the stock from $70.00 to $56.00 in a research note on Wednesday, February 14th. Evercore ISI initiated coverage on GLOBALFOUNDRIES in a research note on Tuesday, April 16th. They set an “outperform” rating and a $71.00 target price for the company. Finally, JPMorgan Chase & Co. cut their target price on GLOBALFOUNDRIES from $56.00 to $55.00 and set a “neutral” rating for the company in a research note on Wednesday, February 14th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $61.46.

GLOBALFOUNDRIES Company Profile

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.