LONDON Foundry IC supplier Tower Semiconductor Ltd. (Migdal Haemek, Israel) has raised its fourth-quarter revenue guidance to between $98 million and $102 million. Tower, which trades as TowerJazz, gave its previous guidance of between $90 million to $94 million was given on Nov. 9.
The company said the raised the guidance was due to the completion of an element within a project to providing know-how, training and turnkey manufacturing solutions to customers in Asia.
The mid-range of the raise guidance represents a 26 percent increase from previous quarter revenues and a 29 percent increase year-over-year.
"We foresee the following quarters in 2010 to continue to grow on top of this new baseline performance," said Russell Ellwanger, chief executive officer of Tower, in a statement.
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