Tower reports higher revenue and profit in Q2

Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE:TSEM) has reported substantial income progress for the second quarter of 2021. The Israeli firm reported $362 million income for the second quarter, up 4.3% from the previous quarter, and up 16.8% from the corresponding quarter of 2020. The determine was barely above the analysts’ income consensus of $360 million.

Tower reported internet revenue of $28.3 million, up from $19.1 million within the corresponding quarter of 2020. Earnings per share was $0.34 within the second quarter of 2021, barely above the analysts’ expectations of $0.33.

Tower sees $385 million income within the third quarter with a variety of 5% kind of.

Tower CEO Russell Ellwanger mentioned, “We’re excited with the second quarter 2021 file income efficiency, resulting in a 3rd quarter income steering of considerable continued progress, breaking a $1.5 billion annual run fee. We stay assured that we’re serving the suitable clients in the suitable markets as evidenced by the 38% mid-range 12 months over 12 months natural income progress steering.”

He added, “We’re successfully executing our enlargement plans, and therefore anticipate continued fourth quarter 2021 progress in each high and backside strains. Our introduced partnership with ST Microelectronics on the Agrate, Italy 300mm manufacturing facility, will considerably improve our 300mm capabilities, to be able to additional enhance our main place in superior 300mm based mostly analog RF, energy platforms, shows and different applied sciences.”

Revealed by Globes, Israel enterprise information – – on August 2, 2021

© Copyright of Globes Writer Itonut (1983) Ltd. 2021

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