Tower Semiconductor Reports Strong Sales Growth in Q2 2024
Tower Semiconductor Ltd. has released a positive earnings report for Q2 2024, demonstrating robust sales growth across all its business segments, with a notable performance in the optical receiver business for fibre optic links. The company's revenue climbed to 351 million USD for the quarter ending 30 June, up from 327 million USD in the same period the previous year.
Net income for the quarter reached 53 million USD, or 0.48 USD per share, an increase from the previous year's 45 million USD, or 0.40 USD per share. Additionally, Tower Semiconductor generated a solid free cash flow of 113 million USD. The power management systems segment continues to perform well, supported by a diverse product line capable of handling up to 700 V voltages.
Technical analysis of Tower Semiconductor Ltd. (NASDAQ: TSEM)
Reviewing the potential trading opportunities based on the current technical setup of Tower Semiconductor's stock:
Investors and traders should monitor Tower Semiconductor closely, especially given its strong quarterly performance and the positive outlook in its key business areas.
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Net income for the quarter reached 53 million USD, or 0.48 USD per share, an increase from the previous year's 45 million USD, or 0.40 USD per share. Additionally, Tower Semiconductor generated a solid free cash flow of 113 million USD. The power management systems segment continues to perform well, supported by a diverse product line capable of handling up to 700 V voltages.
Technical analysis of Tower Semiconductor Ltd. (NASDAQ: TSEM)
Reviewing the potential trading opportunities based on the current technical setup of Tower Semiconductor's stock:
- Timeframe: Daily (D1)
- Current trend: the stock is currently moving within an ascending channel that began in April 2023
- Resistance level: 44.20 USD
- Support level: 40.05 USD
- Potential downtrend target: if the stock reverses its trend, a possible downside target could be 36.50 USD
- Short-term target: if the uptrend continues and the stock breaks through the resistance at 44.20 USD, a short-term target could be set at 48.00 USD
- Medium-term target: with continued positive momentum, the stock price might target 52.00 USD
Investors and traders should monitor Tower Semiconductor closely, especially given its strong quarterly performance and the positive outlook in its key business areas.
—
Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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