TOKYO -- Renesas Electronics saw net profit for the first half of 2024 tumble 29% on the year after overestimating demand, the Japanese chipmaker announced Thursday, sparking a sell-off that sapped 760 billion yen ($4.9 billion) from its market capitalization in one day.
"These results are causing us to reflect," Renesas President Hidetoshi Shibata said at an online news conference. "We misjudged demand for industrial equipment."
