TSEM - Why Tower Semiconductor Stock Is Jumping This Week
2024-02-16 15:36:07 ET
Tower Semiconductor (NASDAQ: TSEM) is making big gains in this week's trading. The Israel-based chip company's share price was up 15.2% from last week's market close as of 3:15 p.m. ET Friday, according to data from S&P Global Market Intelligence .
Tower reported its fourth-quarter results before the market opened on Feb. 14. The company posted earnings per share of $0.55 on sales of $351.71 million. Even though sales were down due to weaker demand in the automotive sector, this performance came in ahead of the average analyst estimate's call for per-share earnings of $0.52 on sales of $350 million.
Despite coming in better than Wall Street anticipated, Tower Semiconductor's revenue declined roughly 12.8% year over year in the fourth quarter. Gross profit for the quarter came in at $84 million, down from $87 million in the prior-year period. For additional comparison, the company posted a gross profit of $125 million in Q4 2022.
For further details see:
Why Tower Semiconductor Stock Is Jumping This Week