Tower Semiconductor reports Q2 EPS 48c, consensus 45c

Reports Q2 revenue $351M, consensus $350.07M. Russell Ellwanger, CEO, stated: “We are tracking well and remain committed to our stated target of sequential revenue growth throughout 2024, as evidenced by our second quarter performance and third quarter guidance. In addition to the recovery in mobile and growth in our advanced Power platforms, we are experiencing a robust, rapidly expanding demand from both existing and new customers within the optical space. Our strong position in optical transceivers, coupled with multiple years of 1st-tier customer partnership in developing both passive and active Silicon Photonics platforms, have uniquely prepared us to be the leading foundry of choice for data transfer within the exploding AI market. We remain focused on innovation to enhance our market leadership and hence to continue to deliver sustainable growth.”