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SK Hynix posts lower than expected profits
SK Hynix announced a strong increase in its quarterly profits, but the results fell short of market expectations, raising concerns about a potential slowdown in the momentum of the artificial intelligence boom that has driven semiconductor company shares. Its operating profit in the last quarter reached 60.5 trillion won, compared to estimates of 64.2 trillion won, and revenues declined to 79.3 trillion won from the forecasted 83.9 trillion won. Nonetheless, the company achieved a high net income growth of 1,242% thanks to one-time investment gains, and it has long-term contracts with about 10 clients. The company faces pressures due to a decline in market capitalization of over $500 billion since June, amid fears of rising chip costs and economic slowdown, despite industry experts confirming that demand for cloud computing centers and high-capacity memory will remain strong in the long term.
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