Japanese chipmaker Kioxia reported a net profit of 842.2 billion yen ($5.3 billion) for the April-June quarter, a more than 45-fold increase from 18.3 billion yen a year earlier.
The surge was driven by soaring global demand for artificial intelligence data centers, which require expanding storage capacity.
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Kioxia, which specializes in NAND flash storage components, saw its quarterly operating profit jump approximately 2,700 percent year-on-year to 1.3 trillion yen.
However, both financial metrics fell short of consensus estimates compiled in a Bloomberg survey of economists.
Market Context and Sector Trends
The company's shares have declined over 50 percent during the past month amid recent volatility in global technology equities.
Despite that, the stock remains up nearly 1,500 percent over the prior year, after briefly becoming Japan's most valuable firm in June.
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Similar earnings expansions occurred across the sector.
South Korean manufacturers Samsung Electronics and SK hynix posted substantial profit gains this week, driven by High Bandwidth Memory demand.
SK hynix shares rose 30 percent on Friday following confirmation of a $3 million stock purchase by its parent company's chairman.
Kioxia, originally formed as Toshiba Memory before being divested by Toshiba in 2018, announced plans for a U.
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S. stock listing following SK hynix's recent debut on Wall Street.
