Tower Semiconductor CEO Eyes Recovery, Projects Over 7% Growth Next Quarter
Portfolio Pulse from Anusuya Lahiri
Tower Semiconductor Ltd (NASDAQ:TSEM) reported a fiscal Q1 2024 revenue decline of 8% Y/Y to $327.24 million, surpassing analyst estimates. Adjusted EPS was $0.46, beating estimates. Despite a market downturn, CEO Russell Ellwanger is optimistic about recovery, predicting over 7% growth next quarter. The company expects Q2 revenue of $350 million, adjusting operations to consolidate manufacturing and phase out lower-margin products. TSEM shares rose 6.26% to $36.40.
May 09, 2024 | 5:39 pm
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POSITIVE IMPACT
Tower Semiconductor exceeded Q1 2024 revenue and EPS estimates, with the CEO projecting over 7% growth next quarter and significant growth later in the year. Shares increased by 6.26%.
The positive earnings report and optimistic future revenue projections by the CEO, along with the immediate positive reaction in stock price, suggest a likely short-term upward trend for TSEM shares. The company's strategic adjustments and resilience in operations despite global uncertainties add to the positive outlook.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100