Tower Semiconductor Q1 revenue falls on weak demand
Israel-primarily based mostly contract chipmaker Tower Semiconductor reported a 7 per cent decline in first-quarter earnings on Thursday (Would possibly perchance well well 9) reflecting muted demand from the industrial and automotive sectors.
Over the past few quarters, semiconductor corporations are facing a provide glut as they focal level on clearing excessive stock primarily within the automotive industry, hurting corporations cherish Tower which makes analogue, blended-sign chips and sensor technologies.
Iklan
French-Italian firm STMicroelectronics is one in all essentially the most mute chipmakers to decrease its full-year steerage as a result of declining orders.
Tower Semiconductor reported earnings of US$327 million for the three months ended Mar 31, down 7 per cent year on year.
It forecast 2nd-quarter earnings at US$350 million, with an upward or downward differ of 5 per cent.
It posted adjusted profit of 46 cents per portion for the main quarter to top the 39 cents per portion anticipated by four analysts polled by LSEG.
Source: Reuters
