Israeli chipmaker Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE:TSEM) missed on revenue but beat the analysts on profit in the fourth quarter of 2021. The company did not provide guidance, after reporting earlier in the week that it is being acquired by Intel for $5.8 billion (at an enterprise value of $5.4 billion).
Revenue was $412 million in the fourth quarter of 2021, up 5.7% from the corresponding quarter of 2020. GAAP net profit was $51.7 million in the fourth quarter, up from 39.1 million in the corresponding quarter of 2020. Non-GAAP) net profit in the fourth quarter of 2021 was $61.1 million, up 35.6% from the corresponding quarter of 2020. Earnings per share was $0.55.
Tower's revenue in 2021 was $1.5 billion, up 19.2% from 2020. Net profit for the full year of 2021 was $150 million, up from $82.3 million in 2020.
Tower's share price rose 0.42% on Wall Street yesterday to $47.27, giving a market cap of $5.12 billion.
Published by Globes, Israel business news - en.globes.co.il - on February 17, 2022.
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