Why Tower Semiconductor Soared in May
Shares of specialty semiconductor foundry Tower Semiconductor (NASDAQ: TSEM) rallied 15.5% in May, according to data from S&P Global Market Intelligence.
Tower delivered strong first-quarter earnings on May 13, and also disclosed that it had received significant orders out to 2028, with customers even pre-paying to secure capacity for Tower's leading silicon photonics technology.
In the first quarter, Tower posted revenue growth of 15.6% to $414 million, with adjusted (non-GAAP) earnings per share growing 62.9% to $0.57 per share. Both figures beat analysts' expectations. Management also guided to a very strong $455 million in revenue for the current quarter, good for about 10% sequential growth and well ahead of the $436.4 million analyst consensus.
Source Fool.com
