Tokyo Electron ups net profit outlook to $2.28bn on China demand

Semiconductor equipment maker sees stock price soar

Stock prices have soared this year for Tokyo Electron and other Japanese semiconductor equipment companies, backed by high growth expectations. (Tokyo Electron)

KENTARO TSUTSUMI, Nikkei staff writer

February 10, 2024 06:25 JST

TOKYO -- Semiconductor equipment maker Tokyo Electron upgraded its consolidated net profit forecast for the year ending March to 340 billion yen ($2.28 billion), a 33 billion yen increase, on Friday as its earnings are lifted by strong China sales.

"The self-sufficiency rate of China's semiconductor industry is still low, and active investment will continue in the future," Hiroshi Kawamoto, Tokyo Electron senior vice president, said at an online briefing.