Tower Semiconductor Ltd (NASDAQ:TSEM) reported a Q4 FY23 revenue decline of 12.8% year-on-year to $351.71 million, slightly above consensus estimates. Adjusted EPS was $0.55, beating consensus estimates of $0.52. The company is undergoing operational optimization by consolidating its manufacturing operations and phasing out certain lower-margin products. Despite a decrease in gross and operating profit, the company generated $126 million in operating cash flow and holds $1.24 billion in cash. The outlook for Q1 revenue is $325 million, aligning with consensus estimates. TSEM shares rose 4.05% in premarket trading.