Operating Profit Soars at Tower, Soon to Come Under Intel’s Control
Q1 revenue at Tower Semiconductor grew 21% year over year to $421 million, and its operating profit soared 94% to $63 million, reported the Israeli chipmaker Monday. Amid Intel’s proposed $5.4 billion Tower buy, Tower dispensed with giving Q2 guidance…
Sign up for a free preview to unlock the rest of this article
Export Compliance Daily combines U.S. export control news, foreign border import regulation and policy developments into a single daily information service that reliably informs its trade professional readers about important current issues affecting their operations.
and didn’t host an earnings call. Intel’s intent is to “fully merge” Intel Foundry Services and Tower into a “single foundry business” when the deal is complete in early 2023, said Intel CEO Pat Gelsinger, announcing the transaction in mid-February (see 2202150038).