Tower Semiconductor’s Q4 revenue drops on softening demand for auto chips

Various chipmakers in their latest quarterly earnings have signaled the beginning of a supply glut in the automotive sector, that is likely to weigh on demand for companies such as Tower Semiconductor. Tower Semiconductor, which makes analog and mixed-signal chips used mainly in automotives, reported revenue of $351.7 million for the three months ended Dec. 31, down more than 12% year-on-year.