SK Hynix shares fall sharply in Seoul after the company reports a record profit that still falls short of market expectations and signals higher investment plans. Multiple outlets report the stock drops around 19% on Wednesday, wiping out earlier gains. Quartz and Yahoo Finance attribute the selloff to operating profit coming in below forecasts even though results are strong year over year. Quartz reports SK Hynix’s operating profit rises significantly—557% year on year—to 60.54 trillion won, but it misses a cited consensus estimate of 64 trillion won. Bloomberg and the Financial Post add that SK Hynix also announces plans for higher spending, pointing to capital expenditure of at least about $31 billion for the year. This spending plan is discussed alongside profit performance, with Bloomberg noting the quarterly profit increases markedly year over year. Together, the reports describe a company posting record figures while investors react to the gap versus expectations and the prospect of increased costs from a larger capex program.
SK Hynix shares plunge after record profit misses expectations and spending rises
SK Hynix shares fall sharply in Seoul after the company reports a record profit that still falls short of market expectations and signals higher investment plans. Multiple outlets report the stock dro...
- SK Hynix shares drop about 19% in Seoul on Wednesday.
- The company reports operating profit that is higher year on year but below expectations.
- Quartz cites operating profit of 60.54 trillion won versus a forecast of 64 trillion won.
- SK Hynix announces plans for higher capital spending, at least about $31 billion for the year.
- Multiple outlets link the stock decline to disappointing results versus forecasts and the increased spending outlook.
The Korean company’s shares fell 19% in Seoul Wednesday
1 hour agoOperating profit soared 557% year on year to 60.54 trillion won, but fell short of a 64 trillion won forecast
2 hours agoSK Hynix shares slide by a daily record of around 19% in Seoul Wednesday, erasing early gains after the memory maker reported lower-than-expected operating profit for the second quarter and announced plans for higher spending. The company earmarked at least $31 billion in capital spending this year after reporting a six-fold surge in quarterly profit. Bloomberg's Anthony Stephens reports. (Source: Bloomberg)
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