Renesas Slips by Most in More Than Decade After Profit Miss
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jul 25 2024
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Source: Bloomberg
Stock Decline: Renesas experienced its largest intraday stock drop in over 12 years, falling by 17% and losing $6 billion in value due to a broader tech selloff and disappointing profit results in its industrial segment.
Future Outlook: Despite the decline, Renesas plans to continue investing in R&D and expects sales of its industrial-use chips to stabilize after adjusting inventories, while pursuing acquisitions to expand its customer base beyond automakers.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
