Tower Semiconductor (TSEM) Jumps to New Record High on Revenue Beat, Higher Outlook

We recently published 10 Stocks Beating the Market with Eye-Popping Gains. Tower Semiconductor Ltd. (NASDAQ:TSEM) is one of the best-performing stocks on Monday.

Tower Semiconductor bounced back from two straight days of losses on Monday to hit a new 11-year high after beating its revenue guidance for the third quarter of the year and raising its growth outlook for the fourth quarter.

At intra-day trading, Tower Semiconductor Ltd. (NASDAQ:TSEM) soared to its highest price of $99.82 before paring gains to end the day just up by 16.69 percent at $98.10 apiece.

In an updated report, the company said it incurred $396 million in revenues in the third quarter of the year, higher by 6.8 percent than the $370.5 million in the same period last year and beating the company’s earlier guidance of $395 million.

Net profit, however, dipped by 2.5 percent to $53.4 million from $54.8 million year-on-year amid higher costs and expenses.

For the fourth quarter, Tower Semiconductor Ltd. (NASDAQ:TSEM) expects revenues to increase by 14 percent year-on-year to $440 million, with an upward or downward range of 5 percent.

“We are in the best position, our core technologies—Power Management, Image Sensors and 65nm RF Mobile—each demonstrating year over year revenue growth. This is an excellent foundation, on top of which our number one position in SiGe and SiPho technologies for optical transceivers, combined with data center surging demand, gives Tower a present and future pathway for unprecedented growth—both top and bottom line, given the accretive margins of these value-add solutions,” said Tower Semiconductor Ltd. (NASDAQ:TSEM) CEO Russell Ellwanger.

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Disclosure: None. This article is originally published at Insider Monkey.