1Sem.·

𝐊𝐢𝐨𝐱𝐢𝐚: 𝐐𝟐 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐚𝐧𝐝 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐧𝐠 𝐏𝐫𝐨𝐟𝐢𝐭 𝐁𝐞𝐚𝐭 𝐄𝐬𝐭𝐢𝐦𝐚𝐭𝐞𝐬, 𝐁𝐮𝐭 𝐐𝟑 𝐆𝐮𝐢𝐝𝐚𝐧𝐜𝐞 𝐅𝐚𝐥𝐥

$285A (+16,81 %)

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📊 𝐑𝐞𝐬𝐮𝐥𝐭𝐬

• Revenue: $15.77B (Est. $15.61B) ✅, +453% YoY.

• Operating Profit: $12.68B (Est. $12.40B) ✅.

• Net Profit: $8.62B (Est. $8.62B) 🟰, +3,234% YoY.

• EPS: $5.33 (Est. $5.48) ❌, +3,237% YoY.

• Operating Margin: 80%, +8.6 pp QoQ.

• QoQ: Revenue +40%, Operating Profit +57%.

• H1 Operating Cash Flow: $15.13B.

• Cash: $8.89B.

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🎯 𝐆𝐮𝐢𝐝𝐚𝐧𝐜𝐞

• Q3 Revenue: $15.9B (Est. $18.6B) ❌.

• Q3 Operating Profit: $12.7B (Est. $14.9B) ❌.

• Q3 Net Profit: $8.6B (Est. $10.2B) ❌.

• Q3 EPS: $5.41 (Est. $6.65) ❌.

• Q3 revenue expected to remain near Q2 levels despite strong data center demand, with yen appreciation weighing on results.

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📌 𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬

• Q2 revenue beat consensus by ~1.0%, while EPS missed by ~2.7%.

• Q3 revenue guidance stands ~14.5% below consensus, with EPS ~18.6% lower.

• SSD & Storage revenue increased 38% QoQ to $10.28B, supported by AI data center demand.

• Smart Devices revenue surged 50% QoQ to $5.02B.

• Higher NAND selling prices and increased bit shipments drove record profitability.

• Management expects strong data center demand to continue.

• Announced its first dividend since listing at ¥90 per share, payable December 8.

• Introduced a shareholder return policy targeting 100% of surplus cash through dividends and buybacks.

• Completed $5.09B in share repurchases during H1.

• Implemented a 3-for-1 stock split effective October 1.

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🔎 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐢𝐠𝐧𝐢𝐟𝐢𝐜𝐚𝐧𝐜𝐞

Exceptional NAND pricing and AI-driven storage demand are supporting record margins, but Q3 guidance materially below consensus highlights currency headwinds and near-term earnings uncertainty.

18 Commentaires

Fl_ow@Fl_ow

1Sem.

Ouch, but I'm still sticking with it for the long term 👍

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Keineui@Keineui

1Sem.

@Fl_ow I especially like the new shareholder return policy. I'm thinking about buying more shares.

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Fl_ow@Fl_ow

1Sem.

@Keineui Definitely—I just bought 10 of them👍😊

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Keineui@Keineui

1Sem.

@Fl_ow I'll wait and see where the price settles once the U.S. markets open...

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Fl_ow@Fl_ow

1Sem.

@Keineui That's a good idea—if the price drops even further, I'll probably buy some more.

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jkb92@jkb92

1Sem.

@Keineui I'd wait a bit to see where it stabilizes overall. I think 8,000 JPY would be a pretty good starting point. Let's see if we get that far.

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Keineui@Keineui

1Sem.

@jkb92 Wow, that would be brutal. But I always really enjoy your chart analyses. Thanks for that!

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Tenbagger-Capital@Tenbagger-Capital

1Sem.

@Keineui The stock is getting cheaper and cheaper—where do we actually stand in terms of the P/E ratio?

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fund_manager_2699@fund_manager_2699

1Sem.

@Tenbagger-Capital What do you think of the outlook? Are you going to buy more?

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Tenbagger-Capital@Tenbagger-Capital

1Sem.

@fund_manager_2699 I'm still optimistic about the memory sector. Take a look at Samsung's numbers—memory chips are what keep the whole show running there. But I already have too much exposure in that sector, so I'm just watching for now.

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fund_manager_2699@fund_manager_2699

1Sem.

@Tenbagger-Capital Kioxia keeps falling and falling with no end in sight 😭😭

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Voir toutes les 5 autres réponses

Tenbagger-Capital@Tenbagger-Capital

1Sem.

The Democrats will immediately halt AI investments and send us back to the Stone Age.
Everyone will emigrate from the U.S. to South Korea and will only order from Coupang $CPNG. It’s not the companies’ fault. AMD posted strong numbers. Lisa Zu confirmed the forecasts and spoke of an increase in order volume.
Microsoft, Alphabet, Meta, etc., are sticking to their capital expenditures.
Before the election, the Democrats spoke out against data centers and promised strict regulations and hurdles. But we all know how it goes with campaign promises—and what actually gets followed through on in the end.
Of course, this means uncertainty for the market when it comes to AI.

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