CXMT Reports First-Half Profit on Surging Revenue
China chipmaker CXMT reported a sharp turnaround to a first-half profit driven by soaring memory demand. Revenue surged over 800 percent while net profit reached 77.6 billion yuan. The company expects strong DRAM demand to persist.
China's CXMT posted a net profit of 77.6 billion yuan ($11.55 billion) for the first half of Friday, rebounding from a loss of 2.3 billion yuan. The turnaround follows an 873.64% surge in revenue to 150.3 billion yuan ($22.36 billion). The record figures mark the memory chipmaker's first earnings report since its public listing.
