Kioxia Holdings Corp. shares fell 23% after the NAND memory maker’s current-quarter outlook missed lofty expectations at a time investors globally are exiting highly valued tech stocks.
The Japanese supplier to Apple Inc. on Thursday said it expects to earn nine-month operating income of between ¥229.82 billion and ¥269.82 billion ($1.5 billion to $1.7 billion), setting it on course to likely miss the average of analyst estimates for ¥420 billion for the full year. The company, which is recovering from an extended trough in demand for NAND, reported an 11% rise in operating income in the September quarter — its first rise in three quarters.