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SK Hynix profit misses consensus by 33.1% in Q1

SK Hynix Inc. said its first-quarter normalized net income amounted to 486.11 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 726.88 won per share.

EPS declined 64.4% year over year from 1,365.69 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 343.29 billion won, a decline of 65.5% from 994.13 billion won in the year-earlier period.

The normalized profit margin declined to 9.4% from 20.6% in the year-earlier period.

Total revenue declined 24.1% year over year to 3.656 trillion won from 4.818 trillion won, and total operating expenses fell year over year to 3.094 trillion won from 3.230 trillion won.

Reported net income declined 65.7% year over year to 444.19 billion won, or 629.00 won per share, from 1.296 trillion won, or 1,780.02 won per share.

As of May 17, US$1 was equivalent to 1,173.62 South Korean won.