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Investing.com -- Kioxia, a Japanese chipmaker, saw its shares rise over 9% on Monday, marking the most substantial surge since the company's listing on the Tokyo Stock Exchange in December of the previous year.
The increase comes after Kioxia announced on Friday a transition to operating profit for the nine months ending in December, a significant improvement over the loss reported for the same period a year earlier.
The company's operating profit for the nine-month period was reported to be ¥415 billion ($2.7 billion), a stark contrast to the loss of ¥297 billion reported a year ago.
Kioxia also projected its full-year operating income to fall between ¥431.61 billion and ¥453.61 billion. In addition, Kioxia indicated an expected recovery in demand for smartphones and personal computers in the latter half of this year.
The company made its debut on the prime market of the Tokyo Stock Exchange in 2024, following extensive negotiations with various stakeholders, including Bain Capital and the Japanese government.
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