Why Tower Semiconductor Stock Skyrocketed This Week

Tower Semiconductor (NASDAQ: TSEM) was towering above many tech hardware stocks over the past few days. An encouraging quarterly earnings report, followed by several bullish analyst updates, sparked a lively rally in the chipmaker's equity. This drove the shares nearly 30% higher over the week, according to data compiled by S&P Global Market Intelligence.

In its first quarter, Tower booked revenue of $413.6 million, a 15% year-over-year improvement. Better, net profit under generally accepted accounting practices (GAAP) blasted 62% higher to $65 million. That metric on a non-GAAP (adjusted) basis also rose heartily, advancing by 48% to almost $74.5 million, or $0.65 per share.

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Source Fool.com