Tower Semiconductor (TSEM) shares surged 5.01% during intraday trading on Tuesday, extending gains after the company reported record second-quarter results and provided an upbeat third-quarter revenue outlook.
The semiconductor foundry posted Q2 revenue of $460.1 million, surpassing analyst estimates of $454.7 million, while adjusted earnings per share came in at $0.88, well above the consensus of $0.76. Net profit soared 95% year-over-year to $90.77 million, driven by what CEO Russell Ellwanger described as “powerful demand momentum” across key business units, including a triple-digit increase in silicon photonics revenue.
Adding to the bullish sentiment, Tower Semiconductor guided for Q3 revenue of $520 million, significantly exceeding the FactSet consensus of $490 million and representing 31% year-over-year growth. The company also raised its 2028 revenue target to $3.6 billion, reflecting confidence in sustained customer demand and capacity expansion.
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