Kioxia forecasts $11.78 billion Q2 operating profit

TOKYO, July 31 : Kioxia said on Friday it expects to report operating profit of 1.89 trillion yen ($11.78 billion) in the July-September quarter as AI investment boosts demand for its memory chips.

• That compares with an average estimate of 1.95 trillion yen from eight analysts surveyed by LSEG.

• Kioxia reported operating profit of 1.27 trillion yen in the April-June quarter

• Kioxia said it would spend up to 800 billion yen buying back up to 30 million shares

• Kioxia said it will conduct a three-for-one stock split effective October 1

($1 = 160.4200 yen)