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SK hynix’s earnings report fell short of expectations, and after-hours trading in the US stocks saw a drop of as much as 9%

PANews
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PANews July 29 report, citing Sina Finance: SK hynix (SKHY.O) released its earnings report on Wednesday. Fueled by technology giants increasing investment in AI data centers, the company’s demand for advanced storage chips surged strongly, driving a 557% jump in second-quarter operating profit to 60.5 trillion won (about $605k), setting a new historical record. In the same period last year, it was 9.2 trillion won. However, this figure fell below market expectations of 64 trillion won, mainly because its higher share of high-end storage chips (HBM) than its competitors left it unable to fully benefit from this round’s strong price-increase cycle for conventional storage chips. This has heightened concerns that the AI boom pushing the semiconductor industry forward may be slowing down. SK hynix’s revenue also missed expectations: the earnings report showed its second-quarter revenue was 79 trillion won, while the market expected 84 trillion won. Affected by the report, SK hynix fell 9% on Tuesday in U.S. stocks, and in after-hours trading it briefly fell another 9%. Sandisk (SNDK.O) and Micron Technology (MU.O) also dropped more than 4%, erasing the boost that came from Seagate Technology’s (STX.O) earnings report.
SK Hynix-10.32%
SKHY-9.12%
SNDK-14.78%
MU-8.91%
STX-8.58%
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ProudAndComplacent12
· 1h ago
Today it dropped below 1,000.
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