US Chips Act Beneficiary GlobalFoundries Stock Soars On Q1 Earnings - What's Going On?
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 07 2024
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Source: earning
- GlobalFoundries Inc Earnings Report:
- Reported a 16% decline in revenue but beat analyst estimates.
- Adjusted EPS exceeded expectations.
- Margins declined, but adjusted EBITDA margin improved year-on-year.
- Generated $488 million in operating cash flow with $4.2 billion in cash and equivalents.
- Expects second-quarter revenue slightly above estimates and plans significant investments to meet chip demand.
Analyst Views on SOXQ
Wall Street analysts forecast SOXQ stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for SOXQ is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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Current: 63.400
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Current: 63.400
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
