SK Hynix Q2 Profit Surges 557% to Record High But Misses Estimates

SK Hynix posted a record quarterly profit on Wednesday but missed analyst estimates for its second quarter ended June. The South Korean memory chip maker reported revenue of 79.32 trillion won versus 84 trillion won expected and operating profit of 60.54 trillion won versus 64 trillion won expected, according to LSEG SmartEstimates. The record-breaking performance was driven by robust AI demand. SK Hynix leads in HBM, an advanced memory technology designed to process massive amounts of data at high speeds for AI applications.

SK Hynix Reports 557% Year-Over-Year Operating Profit Surge

Revenue jumped 257% year on year in the quarter ended June from a year earlier, while operating profit soared nearly 557% year on year, according to the company's release. Compared with the previous quarter, revenue increased 51% while operating profit gained 61%. The South Korean chip giant makes memory chips and supplies components for hardware from data centers to consumer electronics such as smartphones.

Company Expands Nvidia Partnership Through $500 Billion Deal

SK Hynix counts U.S. tech giants including Nvidia among its key clients. The partnership recently expanded through a multiyear deal worth over $500 billion.

FAQ

What were SK Hynix's Q2 financial results? SK Hynix reported second-quarter revenue of 79.32 trillion won and operating profit of 60.54 trillion won. Both figures missed analyst estimates of 84 trillion won and 64 trillion won respectively, according to LSEG SmartEstimates.

How much did SK Hynix's operating profit increase year-over-year? SK Hynix's operating profit soared nearly 557% year on year in the quarter ended June, while revenue jumped 257% year on year, according to the company's release.

What is SK Hynix's relationship with Nvidia? SK Hynix counts Nvidia among its key clients and recently expanded their partnership through a multiyear deal worth over $500 billion.