MIGDAL HAEMEK, Israel (AP) 鈥� MIGDAL HAEMEK, Israel (AP) 鈥� Tower Semiconductor Ltd. (TSEM) on Tuesday reported second-quarter net income of $90.8 million.
The Migdal Haemek, Israel-based company said it had profit of 79 cents per share. Earnings, adjusted for stock option expense, came to 88 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 77 cents per share.
The chipmaker posted revenue of $460.1 million in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $454.7 million.
For the current quarter ending in September, Tower Semiconductor said it expects revenue in the range of $520 million.
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