Advantest raises profit forecast as AI boosts demand for test devices. $6857 (-2,53 %)
Japanese company Advantest on Wednesday raised its full-year profit forecast by almost a fifth to 165 billion yen ($1.08 billion) as strong demand for artificial intelligence chips boosts its testing machine business.
Operating profit in the July-September quarter tripled year-on-year to 63.6 billion yen.
Advantest sees robust demand for artificial intelligence chips, although it will take some time for demand for testing to recover in areas such as the automotive and industrial sectors.
In the second quarter, Taiwan accounted for 73.1% of sales, up from 41.5% three months earlier. China accounted for 42.7% of sales.
Advantest, whose shares have risen nearly 80% since the start of the year, announced it would buy back up to 50 billion yen worth of shares.
($1 = 153.2900 yen)
