Tower Semiconductor (TSEM) Jumps to New Record High on Revenue Beat, Higher Outlook

We precocious published 10 Stocks Beating the Market with Eye-Popping Gains. Tower Semiconductor Ltd. (NASDAQ:TSEM) is 1 of the best-performing stocks connected Monday.

Tower Semiconductor bounced backmost from 2 consecutive days of losses connected Monday to deed a caller 11-year precocious aft beating its gross guidance for the 3rd 4th of the twelvemonth and raising its maturation outlook for the 4th quarter.

At intra-day trading, Tower Semiconductor Ltd. (NASDAQ:TSEM) soared to its highest terms of $99.82 earlier paring gains to extremity the time conscionable up by 16.69 percent astatine $98.10 apiece.

In an updated report, the institution said it incurred $396 cardinal successful revenues successful the 3rd 4th of the year, higher by 6.8 percent than the $370.5 cardinal successful the aforesaid play past twelvemonth and beating the company’s earlier guidance of $395 million.

Net profit, however, dipped by 2.5 percent to $53.4 cardinal from $54.8 cardinal year-on-year amid higher costs and expenses.

For the 4th quarter, Tower Semiconductor Ltd. (NASDAQ:TSEM) expects revenues to summation by 14 percent year-on-year to $440 million, with an upward oregon downward scope of 5 percent.

“We are successful the champion position, our halfway technologies—Power Management, Image Sensors and 65nm RF Mobile—each demonstrating twelvemonth implicit twelvemonth gross growth. This is an fantabulous foundation, connected apical of which our fig 1 presumption successful SiGe and SiPho technologies for optical transceivers, combined with information halfway surging demand, gives Tower a contiguous and aboriginal pathway for unprecedented growth—both apical and bottommost line, fixed the accretive margins of these value-add solutions,” said Tower Semiconductor Ltd. (NASDAQ:TSEM) CEO Russell Ellwanger.

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