Tower Semiconductor Shares Pop 12% After Reporting Accelerating Demand

Dow Jones

Nov 13, 2024

By Ben Glickman

Shares of Tower Semiconductor rose Wednesday after the company guided for another quarter of revenue growth on strong demand from the data center market.

The stock was up 13% to $48.80 in morning trading, reaching its highest intraday level since 2022. Shares are up about 60% this year.

The Israeli company, which makes components for the semiconductor industry, said it expects revenue of $387 million in the fourth quarter, with an upward or downward range of 5%. The midpoint of guidance would represent a year-on-year increase of over 7%.

Chief Executive Russell Ellwanger said demand for its SiGe and SiPho platforms was accelerating quickly. The company is investing in multiple factories to increase capacity, he said.

Tower reported a profit of $54.6 million, or 49 cents a share, in the three months ended Sept. 30, compared with a profit of $53.4 million, or 48 cents a share, a year earlier.

Revenue in the quarter rose about 3.6% from a year earlier to $371 million.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

November 13, 2024 10:37 ET (15:37 GMT)

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