Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM) today reported record revenue for the second quarter of 2016.
Revenue for the second quarter of 2016 was $305 million, up 29% from the corresponding quarter of 2015. Net profit was $38 million ($0.45 per share) compared with $8 million ($0.10 per share) in corresponding quarter of last year. EBITDA was $87 million, up 48% from the corresponding quarter.
Third quarter revenue guidance with mid-range of $325 million represents 33% year over year growth.
Tower CEO Russell Ellwanger said, “Our strategy to answer the major analog trends, aligned with customers that are the leaders in their respective sectors, has proven itself. Having achieved a $1.2 billion annualized revenue run rate in the second quarter of 2016 with annualized $150 million net profit, and guiding a $1.3 billion run rate for the third quarter, up 30% over the fourth quarter of 2015 achieved target of $1 billion run rate, is a substantial verification of this strategy. Our major focus remains those trends that drive the Internet of Things namely seamless connectivity, low power consumption and sensors. To address those trends, our business units serve multiple diversified and growing application segments with unique and differentiated technology offerings.”
Published by Globes [online], Israel business news - www.globes-online.com - on August 4, 2016
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