Tower Semiconductor releases new financial report, optimistic about chip demand recovery

Israeli foundry company Tower Semiconductor released its latest financial report on November 13. Benefiting from the recovery of chip demand, the company plans to invest $350 million in the future to expand production capacity to meet market demand. Tower Semiconductor's revenue in the second quarter reached $371 million, a year-on-year increase of 3.6%, exceeding Wall Street's expectations of $370.3 million. Net profit was $54.6 million, and earnings per share were $0.49, both better than the same period last year. Adjusted earnings per share were $0.57, also exceeding Wall Street expectations.