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Orders for IC substrates for generative AI servers remain strong, and factory utilization rates are rising. Consequently, Japanese IC substrate giant Ibiden(4062.T) saw its operating profit surge nearly 40% last quarter, though it kept its fiscal year forecast unchanged. 

Ibiden's financial results for the last quarter (April-June 2024), released after the market closed last Friday (2nd), showed consolidated revenue down 6.7% year-on-year to 88.22 billion yen. However, consolidated operating profit jumped 38.1% to 11.295 billion yen, and consolidated net profit increased by 21.0% to 8.816 billion yen.

The company noted steady orders for AI server IC substrates, but declining demand for PC and general server IC substrates led to a 11.0% year-on-year revenue drop in the electronics segment (including PCBs and IC substrates) to 44.949 billion yen. Despite this, operating profit for this segment rose 19.4% to 5.314 billion yen, driven by a higher share of high value-added products and increased factory utilization.

Last quarter, the ceramics segment (including automotive exhaust filtration devices like DPFs) saw revenue fall 3.4% year-on-year to 23.571 billion yen, while operating profit soared 50.9% to 4.282 billion yen.

Ibiden maintained its fiscal year (April 2024 - March 2025) forecast, expecting consolidated revenue to grow by 5.3% year-on-year to 390 billion yen, with consolidated operating profit decreasing by 11.7% to 42 billion yen and consolidated net profit falling by 17.4% to 26 billion yen.

According to Nikkei, Intel is a major customer of Ibiden, which also supplies AI IC substrates to Nvidia.

Editor：Lulu

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