SK hynix revenue triples to $55 billion in Q2 but misses estimates

SK hynix posted second-quarter revenue of 54.55 trillion won ($54.55 billion), a 257% increase from the same period last year, while operating profit surged 557% to 41.6 trillion won. Despite the dramatic growth, both figures missed the consensus forecasts from LSEG SmartEstimates. Sequentially, revenue rose 51% and operating profit increased 61%. The company’s first-half operating profit exceeded 100 trillion won for the first time in its history. SK hynix began mass shipments of HBM4 in Q2, with plans to ramp up production in the second half, and shipped initial samples of HBM4E. Its 321-layer NAND will account for about 50% of production by year-end. The company has signed about 10 long-term memory supply contracts and continues negotiations with additional buyers. Analysts suggest that competitor Samsung Electronics has been more aggressive in raising prices, which impacted SK hynix's operating profit. SK hynix held over $60 billion in cash at the end of the period. Net profit rose more than 13 times to 64.5 trillion won, but two-thirds came from investment gains, likely from selling its stake in Kioxia. The company plans to spend $27.5 billion this year on new plants and capacity expansion.