Tower Semiconductor Clocks 18% Revenue Growth In Q2

Tower Semiconductor Ltd TSEM reported second-quarter FY22 revenue growth of 18% year-on-year to $426 million, missing the consensus of $428.4 million. It posted a 30% organic growth.
The gross profit was $112 million, up 52% Y/Y.
The operating profit grew 108% Y/Y to $70.7 million. EPS was $0.53.
It generated $138 million in operating cash flow and held $856 million in cash and equivalents.
On February 15, Intel Corp INTC agreed to acquire Tower Semiconductor at a 60% premium.
Due to its impending acquisition, Tower Semiconductor stopped providing financial guidance.
Price Action: TSEM shares traded higher by 1.45% at $47.60 in the premarket on the last check Tuesday.