China's CXMT sees shares drop over 6% as investors look past chipmaker's profit turnaround

QINGDAO, CHINA - SEPTEMBER 04: A general view shows facilities related to Changxin Memory Technologies on September 4, 2026 in Qingdao, Shandong Province of China. The company's global DRAM market share has exceeded 10 percent following increased production capacity at its Hefei and Beijing lines, positioning it as the fourth-largest supplier worldwide while advancing research and development in advanced processes and high-bandwidth memory (HBM). (Photo by VCG/VCG via Getty Images)Vcg | Visual China Group | Getty ImagesShares of ChangXin Memory Technologies, or CXMT, fell 6.5% Monday even as the company on Friday forecast a sharp swing to profitability for the first nine months of 2026.CXMT said in a filing Friday that it expects net profit attributable to shareholders of between 131 billion yuan ($19.58 billion) and 132.5 billion yuan for the January-to-September period, reversing a net loss of 5.28 billion yuan a year earlier, according to a Google translation of the filing.The company expects revenue of around 265 billion yuan to 270 billion yuan, an increase of 232.9 billion yuan to 237.9 billion yuan from the same period a year earlier.Stock Chart IconStock chart iconShares of...