SK Hynix released its second-quarter financial results today, reporting a surge in profit and revenue. However, the numbers still missed analyst estimates.
The firm posted revenue of 79.3 trillion won, below LSEG SmartEstimates of 84 trillion won. Operating profit reached 60.54 trillion won, short of the 64 trillion won expected.
According to the company’s release, the quarter marked its best performance on record. SK Hynix reported revenue grew 257% year over year.
Operating profit rose 557%, lifting the operating margin to 76%. Net income came in at 93.92 trillion won, up 1,242% year on year.
The growth extended a record set just 3 months earlier. Revenue came in 51% above the first quarter, with operating profit up 61%. SK Hynix also passed 100 trillion won in cumulative first-half revenue for the first time.
Follow us on X to get the latest news as it happens
The chipmaker attributed the performance to sustained demand from expanding investments in Artificial Intelligence (AI) infrastructure. High-performance AI server products led price increases during the quarter.
“Both DRAM and NAND flash memory prices experienced significant quarter-over-quarter increases. SK hynix achieved top-tier profitability by expanding sales centered on high-value-added products, including HBM, DRAM for AI servers, and eSSD,” the firm said.
The results also strengthened the balance sheet. Cash and equivalents reached 88 trillion won, expanding the net cash position to 69.4 trillion won. Furthermore, SK Hynix said it is expanding multi-year contract discussions to secure supply stability.
Nonetheless, the strong quarter did not translate into an immediate rally. SK Hynix shares dropped more than 3% after the market opened as investors weighed the estimate miss. The stock later pared losses and traded up 0.19% at press time.
The choppy session fits a broader pattern. Despite remaining in the green year to date, the stock has fallen more than 40% over the past month on persistent volatility.
Subscribe to our YouTube channel to watch leaders and journalists provide expert insights
The post SK Hynix’s Record Profit Still Trails What Analysts Wanted to See appeared first on BeInCrypto.
A shipwreck discovered in 1995 in Salcombe Bay off England’s south coast left divers and researchers with more than 400 gold coins but no confirmed
BPI’s recent announcement regarding the adoption of stablecoins for faster remittances is a notable development in the digital finance space. Reported by the CryptoTwitter commentator
ARK Invest researcher Lorenzo Valente highlighted serious risks in the crypto market, predicting increased consolidation and bankruptcies in the coming months. He noted that capital
The shift towards real-world assets on decentralized exchanges like Hyperliquid suggests a growing diversification and potential market evolution. The post Hyperliquid sees real-world assets surpass
Blockchain Bodega is here and you know the vibes. We’re at the intersection of hip-hop culture and web3, exploring this new digital frontier. Who better to guide you through these uncharted lanes than Ock Chain – The Bitcoin Boss and the Consensus Corner Boys?
Ock Chain doesn’t just cook up random details about cryptocurrency; he lives it. Ock’s been deep in the game since Bitcoin was just a baby.
And let’s not forget about the Consensus Corner Boys. They’re our skilled crew of blockchain enthusiasts. They’re here to educate, entertain, and enlighten.
Welcome to Blockchain Bodega!
Copyright © 2023 Blockchain Bodega. All rights reserved.