MIGDAL HAEMEK, Israel (AP) — MIGDAL HAEMEK, Israel (AP) — Tower Semiconductor Ltd. (TSEM) on Wednesday reported first-quarter net income of $65 million.
The Migdal Haemek, Israel-based company said it had net income of 57 cents per share. Earnings, adjusted for stock option expense, were 65 cents per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 56 cents per share.
The chipmaker posted revenue of $413.6 million in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $411 million.
For the current quarter ending in June, Tower Semiconductor said it expects revenue in the range of $455 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TSEM at https://www.zacks.com/ap/TSEM
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