Movement Alert|KIOXIA HLDGS CORP Falls 3.05% in Pre-Market Trading, Profit-Taking After Prior Session Surge as Earnings Miss Expectations

Market Focus07-31

On July 31, KIOXIA HLDGS CORP fell 3.05% in pre-market trading, trading at $29.98/share, with turnover of $208,500. The stock had surged over 31% in the prior trading session and is now giving back a portion of those gains.

On the news front, KIOXIA's latest earnings report showed first fiscal quarter net income attributable to parent surging 4,506% year-over-year to 842.17 billion yen, while revenue grew 415% year-over-year to 1.77 trillion yen. However, operating profit of 1.27 trillion yen fell short of the market consensus of 1.37 trillion yen, and net income also missed expectations of 973.81 billion yen. The shortfall relative to elevated expectations triggered profit-taking following the prior session's sharp rally, which had been driven by the broader memory chip sector surge with Micron Technology up 18.37%, SK Hynix up 17.31%, and Intel up 12.78%.

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