Tower ends another quarter with record sales: revenue totals $526 million

In depth

Chip maker Tower reported third-quarter revenue of $526 million, a 33% increase compared with the same quarter last year. According to TheMarker, net profit soared 222% to $120 million.

According to Bizportal, adjusted earnings of $1.15 per share beat analysts' expectations of $1.07 per share. According to Calcalist, operating profit rose 2.5 times. According to TheMarker, the company is recruiting 150 employees in Israel.

According to Calcalist, Tower expects revenue of $600 million in the fourth quarter. According to Bizportal, the forecast reflects annual revenue of about $2 billion. According to Globes, CEO Russell Ellwanger said the company is entering the strongest growth phase in its history. According to TheMarker, the Silicon Photonics business is expected to reach an annual sales rate of $1.1 billion.