Why Tower Semiconductor Stock Is Surging Today: TSEM Beats Q2 Earnings, Issues Strong Q3 Outlook

Tower Semiconductor Ltd. (NASDAQ: TSEM ) reported stronger-than-expected second-quarter results and issued upbeat third-quarter guidance. The Israel-based chip foundry posted second-quarter revenue of $460.08 million, up 24% from a year earlier and ahead of analysts’ estimates of $454.68 million. Adjusted earnings came in at 88 cents per share, topping Wall Street expectations of 76 cents per share. The Nasdaq is up 2.55% while the S&P 500 has gained 1.28%. • Tower Semiconductor stock is among today’s top performers. Why is TSEM stock surging? Tower Semiconductor Profit Growth and Margin Expansion Gross profit increased 72% year over year to $137.77 million, while gross margin expanded to 29.95% from 21.51% a year earlier. Operating profit rose 2.3 times year-over-year to $90.29 million. Operating cash flow surged to $177 million from $123 million in the prior-year quarter...