TDK: Fiscal 1Q24 Financial Results

TDK Corp. reported its financial results for the first three months of fiscal 2024, the period from April 1 to June 30, 2023.

Among its activities, there is the magnetic application products segment made up of HDD heads, HDD suspension assemblies, and magnets. For this segment, sales decreased 30.7% year on year, from ¥55,130 million to ¥38,217 million.

Sales of HDD heads and HSAs dropped considerably due to a significant Y/Y decline of the WW HDD market. In addition, the production volume of HDDs was significantly lower than the previous fiscal year’s level, and demand related to data centers, in particular, dropped sharply.

Projections for 2FQ24: sales of HDD heads expected to decrease slightly and sales of HSAs to decline

Projections for FY24: Production of HDD related to data centers to decline