Tower Semiconductor Ltd., the Israel-headquartered chip maker commonly known as TowerJazz, released its result for the first quarter of 2018 on Monday reporting lower net income than was expected.
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The disappointing results come after credit-rating agency S&P recently upgradedTower from A+ to AA-, citing Tower’s improved operational net income and cash flow.
Tower’s revenue fell $313 million, down 5% percent from $330 million a year earlier. Analysts were forecasting revenues of $325 million.
The Nasdaq-listed company also reported net income of $26 million, a 43% drop from $46 million in the same quarter last year.
The company’s revenue for forecast for the next quarter is $335 million, which falls short of the 344 million projected by analysts.