Tower Semiconductors falls after co forecasts decline in Q4 revenue

Tower Semiconductor

13/11/2023 14:19

** U.S.-listed shares of Tower Semiconductors  TSEM.O  fall
6.9% to $22.85 premarket after Israeli firm forecasts decline in
Q4 rev.
    ** Co forecasts midpoint of Q4 rev. at $350 mln, down 13%
from year ago
    ** Chip firms faces oversupply of chips and continues to
correct inventory
    ** TSEM reports Q3 EPS of 54 cents/shr vs. estimate of 50
cents/shr - LSEG 
    ** Co also reports Q3 rev largely in line with est. at
$358.2 vs. $358.6 LSEG estimate 
    ** Merger between Intel and Tower terminated on a mutual
basis, following which Intel paid a termination fee in Q3
    ** CEO Russell Ellwanger reassured investors that co
continues to operate seamlessly as investors raised concerns
about on-going war in Israel
    ** Stock is down 43.2% YTD, as of Friday's close

 (Reporting by Pranav Kashyap in Bengaluru)