Shares of GLOBALFOUNDRIES (NASDAQ:GFS) surged today after it reported earnings for its fourth quarter of Fiscal Year 2022. Adjusted earnings per share came in at $1.44, with revenue of $2.1 billion. Both metrics beat expectations of $1.33 per share and $2.07 billion, respectively.
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Looking forward, management expects revenue and adjusted EPS for Q1 to be in the ranges of $1.81 billion to $1.85 billion and $0.45 to $0.53, respectively. For reference, analysts were expecting $1.82 billion in revenue and an adjusted EPS of $0.47.
Overall, Wall Street analysts have a consensus price target of $71.78 on GFS stock, implying only 0.98% upside potential, as indicated by the graphic above.