Contract chipmaker Tower Semiconductor has posted revenue of $357 million for the second quarter of 2023 as compared with $426 million for the second quarter of 2022.
Tower Semiconductor, which caters to fabless firms that design chips but outsource manufacturing, is set to be bought by Intel under a $5.4 billion deal announced last year.
Demand from the automotive industry has emerged as a bright spot for the chip industry at a time other clients are cutting back on orders, as carmakers had faced a severe semiconductor shortage over the past two years and their supply chains have only started normalizing in 2023.
Israel-based Tower Semiconductor provides customers with analog and mixed-signal semiconductors, mainly for the automotive and consumer industries.