Tower Semiconductor forecasts upbeat Q4 revenue; unveils $350 million investment plan

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Israeli contract chipmaker Tower Semiconductor forecast its fourth-quarter revenue above estimates on Wednesday, driven by a recovery in demand for its chips, and said it plans to invest $350 million to expand capacities.The U.S.-listed shares of the company were up 7.5 per cent in premarket trading.

Its quarterly profit was 57 cents per share, compared with analysts' estimates of 53 cents per share.

It reported third-quarter revenues of $371 million, which was ahead of Wall Street estimates of $370.3 million.

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Category: EconomyBusiness

Markets: SingaporeIndiaIsraelJapan

Topics: Demand Chip Semiconductor Levels Migdal Million Israeli Company Tower Estimates Analog

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-13 @ 21:37:51 (17 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 368 words

Reading Time: 3 minutes read

Sentences: 16 lines

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Copyright Owner: © Channel News Asia

News ID: 23571555

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