Update: Tower Semiconductor Shares Jump After Improved Q3 Results Top Expectations

MT Newswires Live

Nov 14, 2024

(Updates with latest stock price movement in the headline and first paragraph.)

Tower Semiconductor (TSEM) shares were up nearly 15% in recent Wednesday trading after the company reported Q3 results that improved year-over-year and topped Wall Street expectations.

The company reported Q3 adjusted earnings of $0.57 per diluted share, up from $0.54 a year earlier.

Three analysts polled by Capital IQ expected $0.53.

Revenue for the quarter ended Sept. 30 was $370.5 million, up from $358.2 million a year earlier.

Three analysts surveyed by Capital IQ expected $370 million.

Tower Semiconductor said it expects Q4 revenue of $387 million, plus or minus 5%.

Three analysts polled by Capital IQ expect $380.1 million.

Price: 49.41, Change: +6.31, Percent Change: +14.63

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