Toshiba: Fiscal 2Q23 Financial Results

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Toshiba reports half-year net loss amid hard disk slowdown, Kioxia woes
Toshiba Corp has disclosed a substantial half-year net loss of ¥52.14 billion ($344 million), a stark contrast to the profit reported in the previous year. The company’s financial performance has been significantly impacted by a downturn in its hard disk business and a loss of approximately ¥100 billion associated with its chip affiliate Kioxia Holdings Corp. Kioxia, which specializes in flash memory chips, reported a record net loss of ¥189.1 billion, reflecting the broader challenges in semiconductor demand. This comes at a time when merger discussions between Kioxia and Western Digital have been put on hold due to regulatory hurdles faced by SK Hynix.