This site uses cookies to ensure the best viewing experience for our readers.
Weakness in the Mobile Sector Drags Down Tower Semiconductor’s Quarterly Profits

Brief

Weakness in the Mobile Sector Drags Down Tower Semiconductor’s Quarterly Profits

On Thursday, the company reported net profits of $38 million, up 45% from the first quarter of the year but down 24% compared to the second quarter of 2017

Hezi Sternlicht | 15:13, 26.07.18
Israel-based wireless chip and camera sensors manufacturer Tower Semiconductor Ltd. published its second quarter report on Thursday, reporting net profits of $38 million, up 45% from the first quarter of the year but down 24% compared to the second quarter of 2017. The company’s basic earnings per share for the quarter was $0.38, falling under analysts’ forecasts of $0.40. The company also reported revenues of $335 million, up 7% subsequently but down 2.8% year-over-year.

Tower’s diminished revenues for the quarter were mainly the result of a weakness in the global mobile sector, for which the company supplies a variety of chips.

Tower forecasts revenues of around $335 million for the third quarter of the year, with a range of ±5%. For the fourth quarter, the company has set a target of record revenues of $360 million to $380 million.

Tower CEO Russell Ellwanger. Photo: Zohar Shachar Tower CEO Russell Ellwanger. Photo: Zohar Shachar Tower CEO Russell Ellwanger. Photo: Zohar Shachar

share on facebook share on twitter share on linkedin share on whatsapp share on mail

TAGS