Operating Profit Soars at Tower, Soon to Come Under Intel’s Control

Q1 revenue at Tower Semiconductor grew 21% year over year to $421 million, and its operating profit soared 94% to $63 million, reported the Israeli chipmaker Monday. Amid Intel’s proposed $5.4 billion Tower buy, Tower dispensed with giving Q2 guidance and didn’t host an earnings call. Intel’s intent is to “fully merge” Intel Foundry Services and Tower into a “single foundry business” when the deal is complete in early 2023, said Intel CEO Pat Gelsinger, announcing the transaction in mid-February (see 2202150038).