SK Hynix posted record results for the second quarter of fiscal 2026, reporting revenue of KRW 79.3 trillion, or about $52.9 billion, up 257% from a year earlier and 51% from the previous quarter. Operating profit came in at KRW 60.5 trillion, while net profit reached KRW 93.9 trillion. The company said net income included a one-off gain of about KRW 62.2 trillion from the sale of its Kioxia stake.
Even with those record figures, the results missed market expectations. Reported revenue was below the consensus estimate of KRW 83.9 trillion, and operating profit fell short of the expected KRW 64.2 trillion. After the earnings release, SK Hynix ADRs dropped more than 5% in after-hours trading.
The company attributed growth to stronger volume and pricing for AI-focused high-performance products including HBM and eSSD. HBM4 entered mass production shipments in the second quarter, with output set to expand in the second half, while HBM4E samples have already been delivered. SK Hynix also said it has signed long-term supply agreements with about 10 customers, covering roughly 50% of sales volume, and expects 2026 capital expenditure to land at the upper end of its KRW 40 trillion to KRW 50 trillion range.
SK Hynix reported fiscal 2026 second-quarter revenue of KRW 79.3 trillion, or about $52.9 billion, up 257% year over year and 51% from the prior quarter.
Operating profit reached KRW 60.5 trillion, or about $40.3 billion, rising 557% from a year earlier and 61% quarter over quarter. Operating margin was 76%.
Net profit came in at KRW 93.9 trillion, with a net margin of 118%. The company said that figure included a one-off gain of about KRW 62.2 trillion tied to the sale of its Kioxia stake.
Record quarter, but below expectations
SK Hynix said first-half cumulative revenue topped KRW 100 trillion for the first time. Even so, its quarterly performance, while a record high, came in below market expectations of KRW 83.9 trillion in revenue and KRW 64.2 trillion in operating profit. Following the release, the company’s ADR fell more than 5% in after-hours trading.
AI products drove the gains
The company said stronger volume and pricing for AI high-performance products, including HBM and eSSD, drove growth. HBM4 entered mass production shipments in the second quarter, and SK Hynix plans to expand production in the second half of the year. HBM4E samples have also been delivered.
Supply agreements and spending plans
SK Hynix said it has finalized long-term supply agreements, or LTAs, with about 10 customers, locking in roughly 50% of sales volume.
As of the end of the quarter, cash and cash equivalents stood at KRW 88 trillion, while net cash totaled KRW 69.4 trillion. The company expects 2026 capital expenditure to come in at the upper end of its KRW 40 trillion to KRW 50 trillion range. It is also pushing ahead with mass production at Cheongju M15X and development of the Yongin cluster.
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