Kioxia's 2024 Fiscal First Quarter Revenue Hits Record High with Strong Growth

TapTechNews August 12th news, on August 8th this month, Kioxia announced its fiscal first quarter financial report for fiscal year 2024 ending June 30, 2024. Kioxia achieved revenue of 428.5 billion yen (TapTechNews note: currently about 20.899 billion yuan) in the first quarter, setting a historical high while also achieving a year-on-year growth of more than 70%.

Specific financial data is as follows:

Revenue of 428.5 billion yen (currently about 20.899 billion yuan), a year-on-year increase of 70.65%, and a quarter-on-quarter increase of 33.03%.

Operating profit of 125.9 billion yen (currently about 6.141 billion yuan), a quarter-on-quarter increase of 186.79% (compared to -130.8 billion yen in the same period last year); the operating profit margin reached 29%, 14% in the previous quarter, and -52% in the same period last year.

Net profit of 69.8 billion yen (currently about 3.404 billion yuan), a quarter-on-quarter increase of 577.67% (compared to -103.1 billion yen in the same period last year); the net profit margin is 16%, 3% in the previous quarter, and -4% in the same period last year.

In the first fiscal quarter of 2024, Kioxia's NAND flash bit shipments showed a low double-digit percentage (Low-teens%) growth quarter-on-quarter, the average selling price of flash memory increased by about 20% in yen terms and about 15% in US dollar terms.

Kioxia stated that due to the normalization of customer inventories and the recovery of demand, the supply-demand imbalance of NAND flash memory has been corrected, and industry experts are still full of confidence in the growth potential of the flash memory market and the long-term underlying demand drivers.

From the perspective of segmented markets, the recovery of PC demand is weak, but the demand for smartphones is gradually recovering, and the demand for high-density and large-capacity solid-state drives in AI servers is increasing, and the demand for solid-state drives in general servers is also worthy of expectation.