Israeli chipmaker Tower Semiconductor (TSEM) is forecasting better-than-expected quarterly revenues amid robust demand for its chips from the

Tower Semiconductor beat estimated earnings by 11.0%, reporting an EPS of $0.59 versus an estimate of $0.53. Revenue was up $35.48 million from the same period last year. During the previous quarter, the company beat on EPS by $0.04, leading to a 4.0% drop share price change the next day.

On a per-share basis, the Migdal Haemek, Israel-based company said it had net income of 49 cents. Earnings, adjusted for stock option expense and amortization costs, were 59 cents per share. The chipmaker posted revenue of $387.2 million in the period.