Tower Semiconductor Ltd (NASDAQ: TSEM) stock is trading higher after it reported a second-quarter FY23 revenue decline of 16.2% year-on-year to $357.2 million, beating the consensus of $354.5 million.
Gross profit was $86.5 million, down by 23.1% Y/Y. Operating profit declined by 28.5% Y/Y to $50.5 million.
It generated $75 million in operating cash flow and held $913.6 million in cash and equivalents.
EPS of $0.46 missed the consensus of $0.49.
On February 15, Intel Corp INTC agreed to acquire Tower Semiconductor at a 60% premium. Due to its impending acquisition, Tower Semiconductor stopped providing financial guidance.
Price Action: TSEM shares traded higher by 11.70% at $38.85 premarket on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
