Russell Ellwanger on Q4 guidance
From TSEM Stock | Tower Semiconductor Ltd. Q3 2020 Earnings Call · · AlphaStreet
“The 340 guidance on a net is negatively impacted because of the event not positively and had there been no event we would have anticipated that the guidance would have been higher so it's it's really a very strong demand which I think is a strong attribute to what we've done with our customers.”
On , Russell Ellwanger, CEO at Tower Semiconductor, spoke about Q4 guidance during TSEM Stock | Tower Semiconductor Ltd. Q3 2020 Earnings Call on AlphaStreet.
About Russell Ellwanger
Russell Ellwanger, CEO of Tower Semiconductor, discussed the company's third-quarter 2020 results and outlook during a November 12, 2020 earnings call. He reported that Q3 revenues were $310 million, within guidance, and that the company guided Q4 to a mid-range of $340 million, representing 10% quarter-over-quarter and 11% year-over-year growth. Ellwanger addressed a cybersecurity incident in early September, stating that IT safeguards identified a security incident, leading to a temporary halt of Israeli and U.S. IT systems, with all factories returned to operational capability within a week and no damage to work-in-progress quality or customer data. Ellwanger described a "surge growth" in the mobile business, citing strong immediate orders and longer-term customer forecasts, and raised the company's 2020 year-over-year growth expectation for this market from 10-15%. He noted that the industry is experiencing a strong surge in RF demand as the handset market rebounds from the COVID-19 slowdown and 5G adoption accelerates, with 5G-enabled handsets anticipated to nearly double in 2021 versus 2020. Ellwanger also mentioned that Tower Semiconductor began its 2020 annual Technology Global Symposium online event, featuring webinars on the company's analog technologies and manufacturing solutions.