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Jul 25, 2024 - 18:48
By asia.nikkei.com

Renesas market cap plummets $4.9bn after earnings disappoint

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."