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.
Semiconductors
Renesas market cap plummets $4.9bn after earnings disappoint
Japanese chipmaker looks to get back on track after misjudging industrial demand
Renesas missed operating profit market forecasts for the first half by 7%. (Photo by Ryosuke Eguchi)
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