TEL AVIV, Nov 6 (Reuters) - Israeli chipmaker TowerJazz reported a sharp drop in third-quarter revenue andprofit due to a decline in sales to Micron Technology butrevenue was up from the second quarter.
TowerJazz said on Wednesday adjusted net income was$12.2 million, down from $31.6 million a year earlier. Revenuefell to $132.6 million from $154.6 million a year earlier butwas up 6 percent from the second quarter.
The company attributed the declines to a contractualdecrease in sales to Micron at its plant in Japan. Excluding theMicron reduction, revenue rose by $4 million.
Chardan Capital Markets had estimated revenue of $135.3million, according to Thomson Reuters I/B/E/S. TowerJazz itselfhad forecast third-quarter revenue of between $130 million and$140 million.
For the fourth quarter, it projects revenue of $133-$143million, compared with Chardan's forecast of $142 million.
"The sequential growth we have demonstrated in the firstquarter through the third quarter was in line with ourexpectations based on strong alignment to customer forecast andproject execution," TowerJazz Chief Executive Russell Ellwangersaid.
- Company Earnings
- Micron Technology