November 7, 2017 / 9:08 AM / 15 days ago

Israeli chipmaker TowerJazz Q3 profit up more than forecast

TEL AVIV, Nov 7 (Reuters) - Israeli chip manufacturer TowerJazz reported higher quarterly net profit that topped estimates on Tuesday and forecast an 11 percent rise in 2017 full-year revenue.

TowerJazz, which specializes in analog chips used in cars, medical sensors and power management, earned $55 million in the third quarter, up from $51 million a year earlier. Revenue rose 9 percent to $355 million.

The company was forecast to earn $48.8 million on revenue of $355 million, according to Thomson Reuters I/B/E/S.

It expects fourth-quarter revenue of $358 million, plus or minus 5 percent. This would result in full-year revenue of $1.39 billion, representing growth of 11 percent over 2016. (Reporting by Tova Cohen; Editing by Steven Scheer)

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