Tower Semiconductor Reports Record Second-Quarter Revenue of $460 Million

Tower Semiconductor reported record second-quarter financial results that exceeded Wall Street expectations, achieving revenue of $460 million, a 24% increase year-over-year. The company's adjusted earnings per share reached $0.88, surpassing the analyst consensus of $0.67, while net profit excluding non-recurring items rose 95% to a record $91 million.

CEO Russell Ellwanger attributed the growth to demand momentum across key business units and expanded manufacturing capacity. He specifically noted that silicon photonics revenue achieved a $680 million annualized run rate.

Looking forward, the company provided third-quarter revenue guidance of $520 million. Tower Semiconductor also raised its 2028 target business model, now projecting $3.6 billion in revenue and $1.2 billion in net profit.