Tower Semiconductor Q1 revenue falls on weak demand

Tower Semiconductor

09/05/2024 12:47

May 9 (Reuters) - Israel-based contract chipmaker Tower
Semiconductor  TSEM.TA   reported a 7% decline in first-quarter
revenue on Thursday reflecting muted demand from the industrial
and automotive sectors.
    Over the past few quarters, semiconductor firms are dealing
with a supply glut as they focus on clearing excessive inventory
mainly in the automotive industry, hurting companies like Tower
which makes analogue, mixed-signal chips and sensor
technologies.
    French-Italian firm STMicroelectronics  STMPA.PA  is one of
the latest chipmakers to lower its full-year guidance due to
declining orders.
     Tower Semiconductor reported revenue of $327 million for
the three months ended March 31, down 7% year on year.
    It forecast second-quarter revenue at $350 million, with an
upward or downward range of 5%. 
    It posted adjusted profit of 46 cents per share for the
first quarter to top the 39 cents per share expected by four
analysts polled by LSEG.
    
    

 (Reporting by Priyanka.G in Bengaluru; editing by Jason Neely)
 ((Priyanka.G@thomsonreuters.com;))