GLOBALFOUNDRIES (NASDAQ:GFS) Releases Q2 Earnings Guidance

GLOBALFOUNDRIES (NASDAQ:GFS) updated its second quarter earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.24-$0.34 for the period, compared to the consensus estimate of $0.29. The company issued revenue guidance of $1.590-$1.640 billion, compared to the consensus revenue estimate of $1.58 billion.

GLOBALFOUNDRIES Stock Performance

Shares of NASDAQ GFS opened at $51.88 on Friday. The company has a quick ratio of 1.56, a current ratio of 2.04 and a debt-to-equity ratio of 0.19. GLOBALFOUNDRIES has a 52-week low of $45.52 and a 52-week high of $68.57. The stock has a market capitalization of $28.72 billion, a price-to-earnings ratio of 28.04, a PEG ratio of 4.16 and a beta of 1.61. The stock’s fifty day simple moving average is $50.69 and its 200 day simple moving average is $53.84.

GLOBALFOUNDRIES (NASDAQ:GFS) last issued its quarterly earnings results on Tuesday, February 13th. The company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. The business had revenue of $1.85 billion for 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%. GLOBALFOUNDRIES’s revenue for the quarter was down 11.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.37 earnings per share. As a group, sell-side analysts forecast that GLOBALFOUNDRIES will post 1 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

GFS has been the subject of several research reports. Susquehanna increased their target price on shares of GLOBALFOUNDRIES from $48.00 to $50.00 and gave the company a neutral rating in a research note on Wednesday. Bank of America decreased their price objective on shares of GLOBALFOUNDRIES from $62.00 to $55.00 and set a neutral rating on the stock in a research note on Tuesday, April 16th. HSBC reduced their price objective on GLOBALFOUNDRIES from $56.00 to $43.00 and set a hold rating on the stock in a report on Friday, May 3rd. Robert W. Baird dropped their target price on GLOBALFOUNDRIES from $70.00 to $63.00 and set an outperform rating for the company in a research report on Wednesday, February 14th. Finally, JPMorgan Chase & Co. decreased their price target on GLOBALFOUNDRIES from $56.00 to $55.00 and set a neutral rating on the stock in a report on Wednesday, February 14th. 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, GLOBALFOUNDRIES presently has an average rating of Moderate Buy and an average target price of $61.23.

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.