- Tower Semiconductor Ltd TSEM reported third-quarter FY22 revenue growth of 10% year-on-year to $427.1 million, marginally missing the consensus of $427.33 million. It posted a 22% organic growth.
- The gross profit was $125 million, up 46% Y/Y.
- The operating profit grew 79% Y/Y to $79 million.
- It generated $122 million in operating cash flow and held $901.1 million in cash and equivalents.
- EPS of $0.62 beat the consensus of $0.61.
- On February 15, Intel Corp INTC agreed to acquire Tower Semiconductor at a 60% premium.
- Due to its impending acquisition, Tower Semiconductor stopped providing financial guidance.
- Price Action: TSEM shares traded flat at $41.07 on the last check Tuesday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read the original article