- Tower Semiconductor Ltd.(NASDAQ:TSEM) reported a first-quarter FY23 revenue decline of 15.6% year-on-year to $355.6 million, beating the consensus of $352.4 million.
- Gross profit was $95.7 million, down by 8.5% Y/Y.
- Operating profit grew 41.8% Y/Y to $89.4 million, aided by restructuring income from the previously disclosed reorganization and restructuring of its Japan operations during 2022.
- It generated $72.7 million in operating cash flow and held $945.97 million in cash and equivalents.
- EPS of $0.64 beat the consensus of $0.47.
- On February 15, Intel Corp (NASDAQ:INTC) agreed to acquire Tower Semiconductor at a 60% premium. Due to its impending acquisition, Tower Semiconductor stopped providing financial guidance.
- Price Action: TSEM shares traded higher by 2.20% at $41.30 premarket on the last check Monday.
BTIG Maintains Buy on Revolve Gr, Lowers Price Target to $50
BTIG analyst Camilo Lyon maintains Revolve Gr (NYSE:RVLV) with a Buy and lowers the price target from $66 to $50.
