Kioxia Shares Rally on Profit in First Earnings Report Since IPO
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Kioxia Holdings Corp. shares rallied as much as 19%, the most since its listing on the Tokyo Stock Exchange in December last year after the Japanese chipmaker said it turned to an operating profit for the nine months that ended in December from a loss a year earlier.
Operating profit for the nine-month period was ¥415 billion ($2.7 billion) versus a loss of ¥297 billion a year ago, the company reported on Friday. The company also sees its full-year operating income between ¥431.61 billion and ¥453.61 billion. Kioxia said it sees a recovery in demand for smartphones and personal computers in the second half of this year.