Semiconductor foundry stocks mixed amid strong Tower Semiconductor Q3 results
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- Semiconductor foundry stocks were mixed on Wednesday, despite stronger-than-expected results from Tower Semiconductor (NASDAQ:TSEM).
- Tower Semiconductor, which is based in Israel, reported third-quarter results that were above estimates, aided in part by the company’s focus on multi-generation innovation. Earnings for the period came in at $0.49 per share, above the $0.47 per share estimate, while revenue rose 3.6% year-over-year to $371M, above the $370.03M estimate. Cash flow from operations was $125M, Tower Semiconductor said.
- The company also offered up guidance that was better than expected, as it forecast sales for the fourth-quarter to be $387M, plus or minus 5%, compared to a consensus estimate of $380.07M.
- Tower Semiconductor shares rose 16% on the back of the strong results, while industry leader Taiwan Semiconductor (TSM) slipped fractionally. Conversely, Intel (INTC) saw fractional gains, as did GlobalFoundries (GFS).
- AMD (AMD), the former parent company of GlobalFoundries, fell more than 2.4% after the company confirmed it was laying off 4% of its staff to go after growth opportunities.