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Tower Semiconductor reported a revenue of $358 million for the first quarter, marking a 9% year-on-year increase. For the second quarter, the company anticipates a revenue of approximately $372 million, reflecting a 6% year-on-year growth. Recently, Tower Semiconductor announced its proactive decision to terminate a $10 billion wafer factory construction project in India, which it had embarked upon with the Adani Group. This decision was made five to six months prior to the announcement. Notably, the project was initially announced in September 2024 but was terminated within less than six months. The Adani Group had previously indicated that, following an internal assessment, further confirmation was required regarding the market demand and commercial viability of the project.
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