Tower Semiconductor Ltd. (Migdal Haemek, Israel) reported a net profit of $54 million on first quarter revenue of $421 million.

The revenue was up from $412 million in 4Q21 and up 21 percent compared with revenue in 1Q21. Organic revenue – defined as excluding legacy contracts with Nuvoton in Tower’s Japanese fabs and with Maxim in its San Antonio, Texas wafer fab – was up 29 percent.

Tower has reached a definitive agreement to be acquired by Intel (see Intel set to buy foundry Tower for $5.4 billion). It said that because of this it would not be providing revenue guidance for the 2Q22 and would not host an earnings conference call.

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