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GlobalFoundries (GFS) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates

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For the quarter ended March 2024, GlobalFoundries Inc. (GFS - Free Report) reported revenue of $1.55 billion, down 15.9% over the same period last year. EPS came in at $0.31, compared to $0.52 in the year-ago quarter.

The reported revenue represents a surprise of +1.80% over the Zacks Consensus Estimate of $1.52 billion. With the consensus EPS estimate being $0.23, the EPS surprise was +34.78%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how GlobalFoundries performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

  • Wafer shipments: 463 compared to the 483 average estimate based on four analysts.
  • Revenue by End Market- Smart Mobile Devices: $680 million compared to the $634.05 million average estimate based on four analysts.
  • Revenue by End Market- Communications Infrastructure & Datacenter: $120 million versus the four-analyst average estimate of $113.30 million.
  • Revenue by End Market- Non-Wafer and Corporate Other Revenue: $174 million versus $173.85 million estimated by four analysts on average.
  • Revenue by End Market- Automotive: $266 million compared to the $291.90 million average estimate based on four analysts.
  • Revenue by End Market- Home and Industrial IoT: $309 million compared to the $261.93 million average estimate based on four analysts.
View all Key Company Metrics for GlobalFoundries here>>>

Shares of GlobalFoundries have returned -1.1% over the past month versus the Zacks S&P 500 composite's -0.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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