iStock

Shares of Israeli semiconductor maker TowerJazz (TSEM - Get Report)  were rising Monday after the company reported second-quarter results that topped expectations despite a a year-over-year decline. 

The company, which makes microchips used in cars and medical equipment, reported second-quarter earnings of 24 cents a share on revenue of $306 million. Last year, the company reported earnings of 42 cents per share on revenue of $306 million.

TowerJazz was forecast to earn 22 cents a share on revenue of $303 million. 

The company also announced that it will spend $100 million to expand capacity at its Uozu fab in Japan. The updated capacity is expected to be installed in the first half of 2020.

The stock rose 5.35% to $19.30.

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