<div id="readability-page-1"><p>GLOBALFOUNDRIES (NASDAQ:GFS - Get Free Report) updated its third quarter 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 0.280-0.380 for the period, compared to the consensus earnings per share estimate of 0.350. The company issued revenue guidance of $1.7 billion-$1.8 billion, compared to the consensus revenue estimate of $1.7 billion.</p><div><p><span></span><span>Get <strong>GLOBALFOUNDRIES</strong> alerts:</span></p></div><h2>Analyst Ratings Changes</h2><ul><li>Qualcomm Stock Continues to Rise in the Face of Negative News</li></ul><p>A number of research analysts have issued reports on the company. 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, May 3rd. Cantor Fitzgerald restated a neutral rating and issued a $55.00 price objective on shares of GLOBALFOUNDRIES in a research note on Tuesday, July 16th. TD Cowen reduced their price objective on GLOBALFOUNDRIES from $65.00 to $55.00 and set a buy rating for the company in a research note on Wednesday. Susquehanna increased their price target on GLOBALFOUNDRIES from $48.00 to $50.00 and gave the stock a neutral rating in a research note on Wednesday, May 8th. Finally, Needham &amp; Company LLC reiterated a hold rating on shares of GLOBALFOUNDRIES in a research note on Wednesday. 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, the stock has an average rating of Moderate Buy and an average price target of $58.69.</p><p><b>Get Our Latest Analysis on GLOBALFOUNDRIES</b></p><h2>GLOBALFOUNDRIES Stock Down 3.4 %</h2><ul><li>Tech Earnings Insights: Where Opportunity Meets Uncertainty</li></ul><p>Shares of NASDAQ GFS opened at $43.23 on Wednesday. GLOBALFOUNDRIES has a 52 week low of $43.18 and a 52 week high of $62.61. The business has a 50-day simple moving average of $50.91 and a two-hundred day simple moving average of $51.86. The company has a quick ratio of 1.59, a current ratio of 2.18 and a debt-to-equity ratio of 0.22. The company has a market cap of $23.85 billion, a P/E ratio of 26.69, a P/E/G ratio of 4.52 and a beta of 1.56. </p><p>GLOBALFOUNDRIES (NASDAQ:GFS - Get Free Report) last issued its earnings results on Tuesday, August 6th. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.29 by $0.09. GLOBALFOUNDRIES had a return on equity of 8.78% and a net margin of 12.66%. The business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter last year, the company earned $0.45 EPS. The firm's revenue was down 11.5% compared to the same quarter last year. Research analysts anticipate that GLOBALFOUNDRIES will post 1.06 earnings per share for the current fiscal year. </p><h2>About GLOBALFOUNDRIES</h2> (Get Free Report)<ul><li>3 Technologies to Challenge NAND Flash Dominance in AI </li></ul><p>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.</p><h2>Featured Articles</h2><ul><li>Five stocks we like better than GLOBALFOUNDRIES</li><li>What Makes a Stock a Good Dividend Stock?</li><li>Stocks Slide: Trillions Lost, More Downside Ahead?</li><li>Where Do I Find 52-Week Highs and Lows?</li><li>Lucid Group Stock Gains Traction, But Its Stock Price Won’t</li><li>Top Stocks Investing in 5G Technology</li><li>3 Promising Small-Cap AI Stocks for the Next Market Rally</li></ul><p><em>This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. 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<p>GLOBALFOUNDRIES (NASDAQ:GFS) has updated its Q3 2024 earnings guidance, providing EPS guidance of 0.280-0.380 compared to the consensus estimate of 0.350. The company also issued revenue guidance of $1.7 billion-$1.8 billion compared to the consensus estimate of $1.7 billion. This falls under the category of corporate finance related information.</p>

GLOBALFOUNDRIES (NASDAQ:GFS) Updates Q3 2024 Earnings Guidance