Kioxia reported a loss of ¥65 billion ($434.70 million) in the third quarter of fiscal 2023, saying the company’s memory chip prices had risen recently.
According to ReutersQiaoxia’s loss is smaller compared to the loss of 100.8 billion yen in the second quarter; The company expects improved demand for smartphones and PCs.
Japan’s industry ministry announced last week that it will extend subsidies worth $1.64 billion to Kioxia and Western Digital to expand chip production in some provinces of the country.
Kioxia was previously part of Toshiba’s business. In December, Toshiba became a private company and Kioxia was separated from it.