Tower Semiconductor Sees Stronger Q3 Revenue

Tower Semiconductor predicts its third-quarter revenue will surpass market expectations because of constant market demand for automotive and industrial and optical communication chip products. Tower Semiconductor predicts its third-quarter revenue will reach between $395 million and $395 million with a 5% margin of error based on LSEG data which shows analyst predictions at $392.5 million.
CEO Russell Ellwanger emphasized that the radio frequency infrastructure business at the company experienced growth because of data center and AI expansion. The company’s chips function as essential components for fast data transfer which makes them necessary for AI operations and contemporary network infrastructure.
The company achieved a 6% increase in revenue during the second quarter to reach $372.1 million while maintaining its position as a leader in analog and mixed-signal integrated circuits. The market demand for AI infrastructure and fiber-optic network components continues to grow strongly because of rising forecasts.