Toshiba Raises 1st-Half Profit Forecast on Higher NAND Demand

30 Sep

As a strong boost to its image, tarnished by book cooking lasting seven straight years, Toshiba revised upward on Sept. 28 its profit forecast for the first half to 85 billion yen, 21.43% higher than the original forecast, with EPS reaching 20.08 yen.  

The company attributed the good performance to higher demand of smartphones for NAND flash memories, especially in the Chinese market where mobile-phone brands have continuously enhanced the storage capacity of their products, boosting demand, as well as prices, for NAND flash memories with good performance.

Toshiba harbored a rosy business outlook, citing increasing SSD (solid state drive) demand by PCs and game consoles, which will augment demand for NAND flash memories further, plus expected increase in export quotes, due to possible further depreciation of yen.

Toshiba’s share price rallied on the news, closing at 344.9 yen, up 4.9%, on Sept. 28, when Nikkei stock price index shed 218,53 points, due to plunge in international oil prices and strong yen. Since the turn of 2016, the company’s share prices has soared 38%.

(image: TPGimages)

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