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SK Hynix profit misses consensus by 33.8% in Q2

SK Hynix Inc. said its normalized net income for the second quarter was 339.75 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 513.33 won per share.

EPS declined 71.0% year over year from 1,173.19 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 239.86 billion won, a decrease of 71.9% from 853.90 billion won in the year-earlier period.

The normalized profit margin declined to 6.1% from 18.4% in the year-earlier period.

Total revenue fell 15.0% on an annual basis to 3.941 trillion won from 4.639 trillion won, and total operating expenses grew 6.9% year over year to 3.488 trillion won from 3.263 trillion won.

Reported net income decreased 74.2% on an annual basis to 286.14 billion won, or 405.30 won per share, from 1.108 trillion won, or 1,522.39 won per share.

As of Aug. 16, US$1 was equivalent to 1,094.67 South Korean won.