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By Tova Cohen
TEL AVIV, July 26 (Reuters) – Israeli chip maker TowerJazz was the biggest fall on the hand Tel Aviv index on Thursday after its third-quarter revenue forecast missed badysts' expectations, hurt by weakness in orders from mobile phone customers.
The company expects third-quarter revenue of $ 335 million, it said, against badysts' expectations of $ 360.5 million, according to Thomson Reuters I / B / E / S.
"Chief Executive Russell Ellwanger said," For the third quarter, we continue to see weakness in the mobile sector.
TowerJazz has seen "some pullback in the mobile market" in the past few weeks, Ellwanger told Reuters.
Some customers in the mobile space "recently dropped their Q3 orders", Ellwanger said. "It's a big band of customers, it's a weakness in the market," he said, "but he added he will not know for sure.
TowerJazz's Tel Aviv-listed shares were 7.3 percent lower at 1027 GMT, while the Tel Aviv benchmark 125 index was up 0.3 percent.
The company is forecasting record in the fourth quarter, with sales expected to increase in its capacity to manufacture silicon germanium chips used in high-speed data transfer.
It is targeting record quarter revenue of about $ 360- $ 380 million, versus badysts' estimates for $ 381 million.
Customer demand for silicon germanium is very high and still growing, TowerJazz said. Newport Beach, Calif., Said it is one of the largest companies in Newport Beach, California, which is targeted at the first quarter of 2019. [1] 19659002] TowerJazz, which specializes in badog crisps used in cars, medical sensors and power management, reported second-quarter results in line with expectations. It was 41 cents in the second quarter, down from 53 cents a year earlier. Revenue fell to $ 335 million from $ 345 million.
The company was forecast to earn EPS at 40 cents on revenue of $ 335 million, according to Thomson Reuters I / B / E / S. (Reporting by Tova Cohen, Editing by Ari Rabinovitch and Jan Harvey)
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