Kioxia stocks drop 15.8% in Tokyo after december-quarter profit forecast misses consensus. 2026-11-02 10:42:10 Key takeaways. * Kioxia Holdings closed down 15.78% in Tokyo after forecasting December-quarter adjusted operating profit of ¥2 trillion, roughly 15% below consensus expectations. * According to official results, Kioxia reported September-quarter revenue of ¥2.48 trillion with an 80.2% adjusted operating margin, reflecting a 453% year-over-year increase. * Kioxia expects December-quarter revenue of ¥2.5 trillion (up 0.8% sequentially) and adjusted operating profit of ¥2 trillion (up 0.6%), with capacity already allocated through 2027 and long-term agreements covering over half of 2028 shipments. Kioxia Holdings closed Monday down 15.78% in Tokyo after the NAND flash manufacturer forecast adjusted operating profit of about ¥2 trillion for the December quarter, roughly 15% below market expectations of ¥2.32 trillion to ¥2.35 trillion. The forecast followed results released after the Japanese market closed on October 30. The drop raised questions about implications for Sandisk stock, given that Sandisk owns 49.9% of joint Flash Ventures manufacturing entities with Kioxia and sources substantially all of its flash-based memory through those ventures. Kioxia fell as much as 17% intraday before closing down 15.78%. The Nikkei finished at 63,081.86, down 208.25 points, or 0.33%, with Kioxia the biggest drag on the index, according to Reuters. Sandisk initially traded roughly 2.5% to 3% higher before Monday's U.S. open, while Micron gained more than 2%. Both U.S. stocks subsequently turned lower during regular trading, with Sandisk around $1,130, down roughly 1.8% from Friday's $1,150.89 close, and Micron about 1% lower. Kioxia reports record September quarter revenue and margin. Kioxia reported revenue of ¥2.48 trillion for the September quarter, up about 453% from a year earlier and 40% sequentially. Adjusted operating profit reached ¥1.9883 trillion, producing an 80.2% adjusted operating margin. Kioxia's official October 30 results show the company's blended NAND average selling price increased in the mid-20% range sequentially in the September quarter, compared with roughly 70% in the previous period. Kioxia forecasts near-flat December quarter growth. Kioxia expects December-quarter revenue of ¥2.5 trillion, up only 0.8% sequentially, and adjusted operating profit of ¥2 trillion, up 0.6%. Chief Financial Officer Yoshihiko Kawamura said Kioxia's forecast absorbs roughly ¥55 billion of foreign-exchange pressure from assuming the yen strengthens from about ¥161 to ¥157 per dollar. Some customer orders originally expected in the December quarter were pulled forward into the September quarter because demand was unusually strong. Some enterprise-storage orders moved into the January-March quarter because those products require longer manufacturing and delivery cycles. Management expects stronger shipment growth in the March quarter and says planned 2027 capacity is already allocated, with long-term agreements covering more than half of expected 2028 shipments. Sandisk and Kioxia share flash manufacturing through joint ventures. Sandisk and Kioxia jointly develop and manufacture flash-memory wafers through three Flash Ventures entities. Sandisk owns 49.9% of those ventures and Kioxia 50.1%. Kioxia operates the Japanese fabrication facilities, while the ventures buy wafers from Kioxia and resell them to both companies. Sandisk has previously disclosed that substantially all of the flash-based memory used in its products comes through those ventures. In August, the companies announced plans for more than $31 billion of additional investment in Japan through 2032. Sandisk guides stronger sequential revenue than Kioxia. Sandisk reported fiscal first-quarter revenue of $11.03 billion, up 378% year over year and 23% sequentially, then guided the current quarter to $12.2 billion to $12.6 billion. Its non-GAAP gross-margin guide is 84.5% to 85.5%. Sandisk also has long-term agreements covering about half of fiscal 2027 bit supply and roughly two-thirds of fiscal 2028. Sandisk stock fell 13.47% on October 30 to $1,150.89 following its own results. Sandisk has announced an eight-for-one forward split, with additional shares distributed after the close on November 19 and split-adjusted trading beginning November 20. Faq. Why did Kioxia stocks fall 15.8% in Tokyo? Kioxia stocks fell 15.78% on Monday after the company forecast adjusted operating profit of about ¥2 trillion for the December quarter, roughly 15% below market expectations of ¥2.32 trillion to ¥2.35 trillion. The forecast followed results released after the Japanese market closed on October 30. What is the relationship between Sandisk and Kioxia? Sandisk and Kioxia jointly develop and manufacture flash-memory wafers through three Flash Ventures entities. Sandisk owns 49.9% of those ventures and Kioxia 50.1%. Sandisk has previously disclosed that substantially all of the flash-based memory used in its products comes through those ventures, making Kioxia's production economics and NAND pricing directly relevant to Sandisk. What did Sandisk guide for its current quarter? Sandisk guided the current quarter to $12.2 billion to $12.6 billion in revenue, with a non-GAAP gross-margin guide of 84.5% to 85.5%. This represents stronger sequential growth than Kioxia's near-flat December-quarter forecast. Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

Sandisk stock vs Kioxia after a 15.8% Tokyo plunge. Sandisk's closest manufacturing partner just fell 15.8% in Tokyo after giving a December-quarter profit forecast roughly 15% below consensus, but the read-through to Sandisk stock is less straightforward than the headline suggests. Kioxia Holdings closed Monday down 15.78% after falling as much as 17% intraday. The drop followed results released after the Japanese market closed on October 30, when the NAND flash maker forecast about ¥2 trillion of adjusted operating profit for October through December against market expectations of roughly ¥2.32 trillion to ¥2.35 trillion. The Nikkei finished at 63,081.86, down 208.25 points, or 0.33%, with Kioxia the biggest drag on the index, according to Reuters. Sandisk initially went the other way. It traded roughly 2.5% to 3% higher before Monday's U.S. open, while Micron gained more than 2%. That divergence weakened once regular trading began. A later intraday read had Sandisk around $1,130, down roughly 1.8% from Friday's $1,150.89 close, while Micron had also turned about 1% lower. The question for Sandisk investors is therefore not whether Kioxia matters. It clearly does. The question is how much of Kioxia's guidance miss reflects the NAND market Sandisk shares with it, and how much comes from Kioxia's own shipment timing, currency exposure and customer mix. Kioxia's record quarter was not the problem. The September quarter itself was exceptionally strong. Kioxia reported revenue of ¥2.48 trillion for July through September, up about 453% from a year earlier and 40% sequentially. Adjusted operating profit reached ¥1.9883 trillion, producing an 80.2% adjusted operating margin. Kioxia's official October 30 results show that the company expects December-quarter revenue of ¥2.5 trillion, up only 0.8% sequentially, and adjusted operating profit of ¥2 trillion, up 0.6%. That is the part investors punished. Bloomberg described the outlook as one that "suggests demand leveling off," rather than Kioxia itself declaring that NAND demand has stopped growing. The distinction matters because management gave several company-specific reasons for the near-flat guide. Chief Financial Officer Yoshihiko Kawamura said Kioxia's forecast absorbs roughly ¥55 billion of foreign-exchange pressure from assuming the yen strengthens from about ¥161 to ¥157 per dollar. Some customer orders that had originally been expected in the December quarter were also pulled forward into the September quarter because demand was unusually strong. At the same time, some enterprise-storage orders moved into the January-March quarter because those products require longer manufacturing and delivery cycles. Kioxia therefore says the December-quarter shape is partly about timing, not simply weaker end demand. Management expects stronger shipment growth in the March quarter and says planned 2027 capacity is already allocated, with long-term agreements covering more than half of expected 2028 shipments. Why Kioxia matters directly to Sandisk stock. The relationship between the two companies goes much deeper than two NAND manufacturers selling into the same market. Sandisk and Kioxia jointly develop and manufacture flash-memory wafers through three Flash Ventures entities. Sandisk owns 49.9% of those ventures and Kioxia 50.1%. Kioxia operates the Japanese fabrication facilities, while the ventures buy wafers from Kioxia and resell them to both companies. Sandisk has previously disclosed that substantially all of the flash-based memory used in its products comes through those ventures. That makes Kioxia's production economics, NAND pricing and capacity decisions directly relevant to Sandisk. In August, the companies went further, announcing plans for more than $31 billion of additional investment in Japan through 2032. The latest results show that pace has already moderated. Kioxia said its blended NAND average selling price increased in the mid-20% range sequentially in the September quarter, compared with roughly 70% in the previous period. That does not mean NAND prices are falling. Kioxia's own commentary indicates they are still rising, just at a slower rate. Sandisk's own guide is stronger than Kioxia's. The argument against treating Monday's Kioxia fall as a one-for-one Sandisk signal is Sandisk's own earnings report. Sandisk reported fiscal first-quarter revenue of $11.03 billion, up 378% year over year and 23% sequentially, then guided the current quarter to $12.2 billion to $12.6 billion. Its non-GAAP gross-margin guide is 84.5% to 85.5%. FinanceFeeds' week-ahead analysis after Sandisk's 13.47% Friday drop noted that the company also has long-term agreements covering about half of fiscal 2027 bit supply and roughly two-thirds of fiscal 2028. In other words, Sandisk and Kioxia share manufacturing infrastructure and the same broad NAND cycle, but they do not have identical shipment schedules, customers or quarterly revenue recognition. That explains why Kioxia could guide adjusted operating profit almost flat while Sandisk is still guiding another double-digit sequential revenue increase. It also explains why Monday's premarket reaction initially diverged. TradingKey had Sandisk up more than 3% and Micron more than 2% even after Kioxia had closed down 15.8% in Tokyo. The fact that both U.S. stocks subsequently surrendered those gains leaves the market's final read less decisive. The Sandisk read-through is pricing, not one quarter's shipment timing. For Sandisk shareholders, the most useful part of Kioxia's results is therefore not the ¥2 trillion headline by itself. The bigger signal is what happens to NAND pricing after a year of exceptional increases. If Kioxia's slower ASP growth reflects only product mix, foreign exchange and orders moving between quarters, Sandisk's own demand and guidance can continue to diverge. If slower price increases become an industry-wide pattern, the read-through becomes much more important because Sandisk's recent earnings expansion has depended heavily on unusually strong NAND pricing and data-center demand. That question comes after Sandisk stock already fell 13.47% on October 30 to $1,150.89 following its own results. There is also a mechanical change coming later this month. Sandisk has announced an eight-for-one forward split, with additional shares distributed after the close on November 19 and split-adjusted trading beginning November 20. FinanceFeeds has a full breakdown of the Sandisk stock split and how existing prices and earnings figures convert. Monday's Kioxia selloff does not establish that Sandisk's outlook has deteriorated. It does, however, put another data point behind the question investors are already asking after Sandisk's own post-earnings decline: how much longer can NAND pricing grow at the rates that produced this year's extraordinary margins? Ask this article Answered from FinanceFeeds reporting, with sources Uses FinanceFeeds articles only. Not financial advice.

Kioxia (285A) falls 13% as NAND price gains stall. Logo: Kioxia / Wikimedia Commons, public domain. Prices: Korea trade ministry. Key points. * Kioxia forecasts little revenue or profit growth this quarter * A stronger yen is weighing on Kioxia's outlook * One standard NAND price was flat in October, Korean data shows Kioxia Holdings (285A) shares fell 13.2% to ¥11,685 in Tokyo as of 9:48 a.m. on November 2, the first trading session after the memory chipmaker forecast little revenue or profit growth for October through December. Kioxia expects revenue of ¥2.5 trillion and non-GAAP operating profit of ¥2.0 trillion, up 0.8% and 0.6%, respectively, from the previous quarter, according to its October 30 results. Analysts had expected operating profit of about ¥2.35 trillion, Bloomberg reported. A stronger yen weighs on Kioxia's outlook. Kioxia said demand from data centers should remain strong, but cited exchange rates as one reason revenue and profit would be broadly in line with the previous quarter. It assumes ¥157 to the dollar for October through December, compared with ¥161 in July through September. A stronger yen reduces the yen value of sales made in dollars. The quarter that just ended was much stronger than the one before. Revenue rose to ¥2.48 trillion from ¥1.77 trillion in April through June. Kioxia credited higher shipments and a significant increase in average selling prices from data center customers focused on generative AI. Operating profit came to ¥1.99 trillion, about 80% of revenue. Average NAND selling prices still rose far less in July through September than the 70% jump in the previous quarter, according to the same report. Chief Financial Officer Akira Menju said it was unclear whether prices would keep rising in the fiscal year starting in April 2027, given how much they had already climbed. Kioxia also said all of its 2027 production capacity is spoken for. Long-term contracts with hyperscalers cover well over half of its expected 2028 shipments. Korean data shows a standard NAND price flat as DRAM rose. Korea's trade ministry includes monthly memory contract prices in its export report. In its November 1 release, a standard 128-gigabit NAND chip was priced at $30.60 in both September and October, after rising from $28.80 in June. A 16-gigabit DDR5 DRAM chip kept climbing, to $50.00 in October from $48.00 in September and $40.00 in June. The ministry's figures cover one standard chip of each type, not the enterprise solid-state drives that data centers buy, so they aren't a direct measure of Kioxia's own prices. The flat NAND reading is another sign to watch, though Kioxia's forecast also reflects currency movements. Korea's chip exports still jumped 259% in October. Korea is home to Samsung Electronics (005930) and SK Hynix (000660), which make both kinds of memory. Kioxia builds its chips in Japan through a joint venture with Sandisk (SNDK), and the two share the same factories. Sandisk reported fiscal first-quarter revenue of $11.03 billion on October 29 and announced an 8-for-1 stock split. The AIStockWire daily brief Top movers, notable insider buys and fresh Congress trades in your inbox each morning. Free. No spam, ever. Unsubscribe in one click.