JERUSALEM, May 7 (Reuters) - Israeli chip manufacturer TowerJazz on Monday reported a deeper drop in quarterly net profit than expected but said it expected business to rebound during the rest of the year.
TowerJazz, which specialises in analogue chips used in cars, medical sensors and power management, earned $31.1 million excluding one-time items in the first quarter, down from $49.9 million a year earlier. Revenue fell to $312.7 million from $330.1 million.
The company was forecast to earn an adjusted net income of $43.8 million on revenue of $325 million, according to Thomson Reuters I/B/E/S.
It expects second-quarter revenue of $335 million and forecasts organic revenue growth of 25 percent for 2018.
Reporting by Steven Scheer, editing by Louise Heavens