NEW YORK - Tower Semiconductor Ltd. (NASDAQ:TSEM) shares jumped 7.82% after the chipmaker reported third-quarter results and issued fourth-quarter revenue guidance above analyst expectations.
The Israeli semiconductor foundry posted adjusted earnings per share of $0.57 for the third quarter, beating the consensus estimate of $0.54. Revenue came in at $370.5 million, roughly in line with expectations of $370.6 million and up 3.4% year-over-year.
For the fourth quarter, Tower Semiconductor forecast revenue of $387 million, plus or minus 5%. The midpoint of $387 million exceeded the analyst consensus of $380.1 million.
"Throughout this year, including our fourth quarter guidance, we have and will deliver quarter-over-quarter revenue growth," said CEO Russell Ellwanger in a statement. He noted strong double-digit YoY revenue increases across key technology platforms.
The company also announced plans to invest $350 million to expand capacity for silicon photonics and silicon germanium technologies to meet growing customer demand, particularly for AI-driven data center applications.
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