Tower Semiconductor Shares Fall on Q2 Revenue Decline: Details
Portfolio Pulse from Anusuya Lahiri
Tower Semiconductor Ltd (NASDAQ:TSEM) reported a 1.7% decline in Q2 2024 revenue to $351.2 million, beating analyst estimates. Adjusted EPS of $0.53 also surpassed expectations. Despite the revenue decline, gross profit and operating profit increased. The company expects Q3 revenue of $370 million. Shares fell 2.46% premarket.
July 24, 2024 | 12:24 pm
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Tower Semiconductor reported a 1.7% decline in Q2 2024 revenue to $351.2 million, beating analyst estimates. Adjusted EPS of $0.53 also surpassed expectations. Despite the revenue decline, gross profit and operating profit increased. The company expects Q3 revenue of $370 million. Shares fell 2.46% premarket.
Despite beating analyst estimates for both revenue and EPS, the slight decline in revenue and the premarket drop of 2.46% indicate mixed investor sentiment. The positive outlook for Q3 revenue and the overall financial health of the company provide a neutral short-term impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100