August 8, 2013 / 8:02 AM / in 4 years

Israeli chipmaker TowerJazz sees recovery in revenue

JERUSALEM, Aug 8 (Reuters) - Israeli chipmaker TowerJazz reported a sharp drop in quarterly revenue and profit, hurt by a decline in sales to Micron Technology, but forecast an improvement for the rest of the year.

TowerJazz said on Thursday it earned $18.2 million in the second quarter, down from $44.8 million a year earlier. Revenue slid 26 percent to $125.2 million.

The company attributed the declines to a contractual decrease in sales to Micron of $40 million, which weighed on profit by $25 million.

TowerJazz had previously forecast second-quarter revenue of between $122 million and $132 million.

For the third quarter, it projects a revenue range of $130-$140 million.

“Each and every of our business units is realising notable market share growth,” said Russell Ellwanger, TowerJazz’s chief executive.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below