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Tower Semiconductor Reports Strong Sales Growth in Q2 2024Tower Semiconductor Ltd. has released a positive earnings report for Q2 2024, demonstrating robust sales growth across all its business segments, with a notable performance in the optical receiver business for fibre optic links. The company's revenue climbed to 351 million USD for the quarter ending 30 June, up from 327 million USD in the same period the previous year. Net income for the quarter reached 53 million USD, or 0.48 USD per share, an increase from the previous year's 45 million USD, or 0.40 USD per share. Additionally, Tower Semiconductor generated a solid free cash flow of 113 million USD. The power management systems segment continues to perform well, supported by a diverse product line capable of handling up to 700 V voltages. Technical analysis of Tower Semiconductor Ltd. (NASDAQ: TSEM) Reviewing the potential trading opportunities based on the current technical setup of Tower Semiconductor's stock: Timeframe : Daily (D1) Current trend : the stock is currently moving within an ascending channel that began in April 2023 Resistance level : 44.20 USD Support level : 40.05 USD Potential downtrend target : if the stock reverses its trend, a possible downside target could be 36.50 USD Short-term target : if the uptrend continues and the stock breaks through the resistance at 44.20 USD, a short-term target could be set at 48.00 USD Medium-term target : with continued positive momentum, the stock price might target 52.00 USD Investors and traders should monitor Tower Semiconductor closely, especially given its strong quarterly performance and the positive outlook in its key business areas. — Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews. The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments. Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
NASDAQ:TSEM
by RoboMarkets
Tower Semiconductor's Strategy Amidst Industry ChallengesTower Semiconductor ( NASDAQ:TSEM ), an Israeli-based contract chipmaker, recently released its fourth-quarter earnings report, showing a decline in revenue. The dip in revenue was due to a decrease in demand from the automotive sector, which is currently facing uncertain times. However, despite the ongoing Israel-Hamas conflict, the company's operations and supply chain were not affected. In fact, the semiconductor company's Nasdaq-listed shares rose by 8.1% to $30.95 in morning trade. Several chipmakers, including STMicroelectronics, have indicated a surplus in the automotive sector. This is likely to put pressure on demand for companies like Tower Semiconductor ( NASDAQ:TSEM ). STMicroelectronics predicted a more than 15% decline in its first-quarter revenue in January, attributed to softer automotive demand. Tower Semiconductor ( NASDAQ:TSEM ) specializes in the manufacturing of analog and mixed-signal chips primarily used in automobiles. For the three months ending on December 31, 2021, the company recorded revenue of $351.7 million, which indicates a decline of over 12% compared to the same period last year. The company announced that it plans to phase out certain lower margin products, but it did not provide any further details. While Tower Semiconductor's ( NASDAQ:TSEM ) facilities in Hokuriku, Japan experienced damage to some of their tools following an earthquake on January 1st, "work in progress" was affected and operations were temporarily suspended. However, both factories have since resumed full operations. Looking ahead, Tower Semiconductor ( NASDAQ:TSEM ) has projected its first-quarter revenue to be $325 million, with a margin of variation of 5% in either direction. The company reported adjusted earnings of 55 cents per share for the fourth quarter. CEO Russell Ellwanger remarked that despite the earthquake in Japan during the quarter, Tower still managed to surpass profit and revenue estimates. However, he also mentioned that they would have been higher if it were not for the natural disaster. Ellwanger also stated that in 2024, the company anticipates significant quarter-over-quarter growth throughout the year. In 2023, Intel terminated its planned $5.4 billion acquisition of Tower Semiconductor ( NASDAQ:TSEM ). However, Ellwanger stated that they were able to secure an agreement for high capacity at an Intel-owned factory in New Mexico to manufacture 65-nanometer chip flows for power management. Customer prototypes are expected to be available in the second half of 2024. "We were able to leverage off (the Intel termination) very well," Ellwanger said. However, "if the deal had gone through, I believe there are other things that we could have pursued that we are not currently doing."
NASDAQ:TSEMLong
by DEXWireNews