Memory price surge: China's CXMT swings from loss to massive profit
Chinese memory chipmaker CXMT expects net income of more than 130 billion yuan for the first nine months – after a 5.3 billion yuan loss a year earlier.
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Chinese memory chipmaker CXMT expects net income of 131 to 132.5 billion yuan for the first nine months of the year. A year earlier the company posted a loss of 5.3 billion yuan, Bloomberg reports. The swing is driven by a sharp rise in memory chip prices.
Revenue is expected at 265 to 270 billion yuan, up from 32.1 billion yuan a year earlier. Other Chinese chip firms are also reporting soaring profits: Yuanjie Semiconductor, for example, expects quarterly net profit of 403 to 453 million yuan, up 579% to 660% year on year.