UPDATE 1-Tower Semiconductor beats profit estimates, sees more growth in 2024 [Yahoo! Finance]
STMicroelectronics N.V. (STM)
Last stmicroelectronics n.v. earnings: 4/22 01:00 am
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Source: Yahoo! Finance
May 9 (Reuters) - Israeli contract chipmaker Tower Semiconductor beat quarterly profit and revenue estimates on Thursday and said it expects improvement throughout 2024 despite weak demand for industrial and automotive chips due to an economic downturn. Tower, which specialises in analogue chips used in cars, medical sensors and power management, said it earned 46 cents per diluted share excluding one-off items in the first quarter of 2024, versus 55 cents a year earlier. Revenue slipped to $327 million from $356 million. Tower was forecast to earn an adjusted 39 cents a share on revenue of $324.5 million, LSEG data showed. "Everyone is down year over year. It's a weak market," chief executive Russell Ellwanger told Reuters, citing large declines in demand for power management and auto chips. "For several of the activities we have, we see the first quarter as having been a low, with some growth coming up beyond that," he added. Ellwanger noted that auto sales are down as
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- Tower Semiconductor Q1 revenue falls on weak demand [Reuters]Reuters
STM
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- 4/25/24 - Miss
STM
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- 5/6/24 - Form 6-K
- STM's page on the SEC website