GLOBALFOUNDRIES (NASDAQ:GFS) Releases Q2 2022 Earnings Guidance

GLOBALFOUNDRIES (NASDAQ:GFSGet Rating) issued an update on its second quarter 2022 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $0.43-$0.48 for the period, compared to the consensus estimate of $0.26. The company issued revenue guidance of $1.96 billion-$1.99 billion, compared to the consensus revenue estimate of $1.92 billion.

Shares of NASDAQ:GFS opened at $57.23 on Tuesday. GLOBALFOUNDRIES has a one year low of $43.59 and a one year high of $79.49. The stock has a fifty day moving average of $55.75 and a 200-day moving average of $58.87. The company has a current ratio of 1.67, a quick ratio of 1.32 and a debt-to-equity ratio of 0.25.

GLOBALFOUNDRIES (NASDAQ:GFSGet Rating) last released its earnings results on Tuesday, May 10th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.18. The business had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.90 billion. During the same quarter in the previous year, the company earned ($0.25) EPS. GLOBALFOUNDRIES’s revenue for the quarter was up 36.8% on a year-over-year basis. As a group, equities research analysts anticipate that GLOBALFOUNDRIES will post 1.97 earnings per share for the current fiscal year.

A number of brokerages recently commented on GFS. JPMorgan Chase & Co. cut their target price on GLOBALFOUNDRIES from $82.00 to $77.00 in a research note on Wednesday, May 11th. Zacks Investment Research upgraded GLOBALFOUNDRIES from a hold rating to a buy rating and set a $56.00 price objective for the company in a research note on Friday, May 13th. Deutsche Bank Aktiengesellschaft decreased their target price on GLOBALFOUNDRIES from $78.00 to $70.00 and set a buy rating on the stock in a report on Wednesday, April 20th. Morgan Stanley upgraded GLOBALFOUNDRIES from an equal weight rating to an overweight rating and raised their price target for the company from $70.00 to $72.50 in a report on Thursday, March 3rd. Finally, Citigroup raised their price target on GLOBALFOUNDRIES from $65.00 to $70.00 and gave the company a buy rating in a report on Monday. One analyst has rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Buy and a consensus price target of $78.50.

Several hedge funds and other institutional investors have recently bought and sold shares of GFS. The Manufacturers Life Insurance Company acquired a new stake in shares of GLOBALFOUNDRIES in the 4th quarter valued at approximately $614,000. CIBC World Markets Inc. acquired a new position in shares of GLOBALFOUNDRIES during the 4th quarter worth about $448,000. Charles Schwab Investment Management Inc. lifted its stake in GLOBALFOUNDRIES by 12.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,671 shares of the company’s stock valued at $417,000 after purchasing an additional 734 shares during the last quarter. First Republic Investment Management Inc. bought a new position in GLOBALFOUNDRIES during the first quarter worth about $409,000. Finally, Schonfeld Strategic Advisors LLC bought a new position in GLOBALFOUNDRIES during the fourth quarter worth about $377,000. Institutional investors own 12.09% of the company’s stock.

About GLOBALFOUNDRIES (Get Rating)

GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. It manufactures integrated circuits, which enable various electronic devices that are pervasive. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, power management units, and microelectromechanical systems, as well as offers mainstream wafer fabrication services and technologies.

See Also

Earnings History and Estimates for GLOBALFOUNDRIES (NASDAQ:GFS)

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