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on November 15th

Reduced NAND shipments, dragging down KIOXIA Q3 revenue by 38%

Due to the decrease in NAND shipments, KIOXIA continued to experience losses in Q3 2023 (July September), with a consolidated revenue of 241.4 billion yen, a significant decrease of 38% year-on-year. In addition, it had a net loss of 100.8 billion yen. However, due to the first increase in NAND flash memory prices in five quarters, KIOXIA's losses decreased month on month.

KIOXIA Q3's consolidated net profit increased from a surplus of 34.8 billion yen in the same period last year to a loss of 86 billion yen, resulting in four consecutive quarters of losses. From July to September in previous years, the net loss reached a new high since 2017.

KIOXIA pointed out that although Q3 suffered losses, due to the improvement of supply and demand balance and the depreciation of the yen driving up the selling price of NAND flash memory, the operating losses and net losses decreased.

KIOXIA has taken measures to reduce wafer production by 30% since October 2022 to cope with the continuous decline in storage chip prices. In Q3 2023, the selling price of NAND flash memory increased by 5-9% compared to Q2, and the shipment volume decreased by 10-14% month on month. If priced in US dollars, the selling price of NAND will increase by 0-4% month on month.

As storage manufacturers such as Samsung and KIOXIA continue to reduce production, and the effect of customer destocking is evident, NAND gradually achieves supply and demand balance, and prices stop falling and rebound. KIOXIA expects the market to show a long-term growth trend without significant changes. In addition, the company will take measures to reduce manufacturing costs, evaluate product research and development portfolios, and accelerate key product research and development.
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