08:24 AM EDT, 05/09/2024 (MT Newswires) -- Tower Semiconductor ( TSEM ) reported Q1 adjusted earnings Thursday of $0.46 per diluted share, down from $0.61 a year earlier.

Four analysts polled by Capital IQ expected $0.39.

Revenue for the quarter ended March 31 was $327.2 million, compared with $355.6 million a year earlier. Four analysts surveyed by Capital IQ expected $324.4 million.

The company said it expects Q2 revenue of $350 million, plus or minus 5%. The analysts polled by Capital IQ expect $333.4 million.

Tower Semiconductor's ( TSEM ) stock was up 5% in recent Thursday premarket activity.

Price: 36.00, Change: +1.75, Percent Change: +5.11