SK hynix reports 3 trillion won loss in Q2

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SK hynix reports 3 trillion won loss in Q2

Published: 26 Jul. 2023, 09:28

SK hynix headquarters in Icheon, Gyeonggi [YONHAP]

SK hynix reported a net loss of 3 trillion won Wednesday for the second quarter amid a prolonged downturn in the memory chip business.

The figure missed the market consensus of 2.8 trillion won of net loss compiled by FnGuide.

Its operating loss was 2.88 trillion won, missing the market estimate of 2.9 trillion won.

The Icheon, Gyeonggi-based chip producer posted 7.3 trillion won in sales, above the analysts’ expectations of 6.2 trillion won. The figure decreased 47 percent on year.

Despite the chip slump, the company expects a better turnaround in the latter half of this year due to a surge in demand for artificial intelligence. The company said it will continue focusing on AI memory chip production and sales.

“Amid an expansion in generative AI market, which has largely been centered on ChatGPT, demand for AI server memory has increased rapidly,” the company said. “As a result, sales of premium products such as HBM3 and DDR5 increased, leading to a 44 percent sequential increase in revenue for the second quarter, while operating loss narrowed by 15 percent.”

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]