Tower Semiconductor announces first quarter 2024 financial results

On May 9, Hightower Semiconductor released its financial report for the first quarter of 2024. The report showed that the company's revenue for the quarter was US$327 million, down 8% from US$356 million in the same period last year, but exceeded the market expectation of US$324.5 million. However, the company's gross profit margin fell to 22.2%, a decrease of 4.73 percentage points from 26.93% in the same period last year. In addition, the company's operating profit for the quarter was US$33.99 million, a sharp drop of 62% year-on-year.