Specialty foundry Tower Semiconductor Ltd. (Migdal Haemek, Israel) saw its annual revenue growth drop back to 10 percent in the 3Q22.
The company agreed to be bought by Intel (see Intel set to buy foundry Tower for $5.4 billion) back in February 2022. The deal was expected to close within approximately 12 months but awaits regulators’ approval including that of China.
Tower announced 3Q22 revenue of US$427 million flat with 2Q22 and up 10 percent on revenue of US$387 million in the 3Q21. The company made a net profit of US$69 million almost double that of a year before.
However, in the first and second quarters Towers’ revenue growth was 21 percent and 18 percent, respectively.
Tower has opted not to provide any commentary on financial results while it is waiting to be acquired by Intel.
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