TECH - Tower Semiconductor CEO Eyes Recovery Projects Over 7% Growth Next Quarter | Benzinga
Tower Semiconductor Ltd (NASDAQ:TSEM) reported a fiscal first-quarter 2024 revenue decline of 8% year-on-year to $327.24 million, beating the analyst consensus estimate of $324.52 million.
The Israel-based contract chipmaker’s adjusted EPS of $0.46 beat the analyst consensus estimate of $0.39.
Gross profit was $72.61 million, down by 24.1% Y/Y. The margin declined 473 bps to 22.2%. Operating profit of $33.99 million declined 62% Y/Y.
It generated $110 million in operating cash flow and held $1.24 billion in cash ...