The continued sequential growth comes despite the expected recessionary impact of the Covid-19 pandemic and comes after updated forecasts from Tower’s customers.

Tower’s revenue in 1Q20 was $300.2 million, down 3.2 percent from $310.1 million in 1Q19. The net profit was $17.0 million compared with $26.2 million in 1Q19. However, this decline reflected a non-organic revenue reduction mainly due to renewed contract with Panasonic announced March 2019 (see Tower takes revenue hit in Panasonic extension).

Tower said its $300 million quarterly revenue reflected 10 percent year-over-year organic revenue growth – defined to be revenue excluding revenues from Panasonic in the TPSCo fabs and revenues from Maxim in the San Antonio, Texas fab.

Tower said the outlook for 2Q20 was for revenue of between $294.5 million and $325.5 million, reflecting a 3.3 percent increase at the mid-point of $310 million.

“Updated customer forecasts continue to show quarter-over-quarter growth through the year,” said Russell Ellwanger, CEO of Tower Semiconductor, in a statement.

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