{"slug": "record-sk-hynix-profit-misses-forecasts-shares-fall-nearly-10", "title": "Record SK Hynix profit misses forecasts, shares fall nearly 10%", "summary": "SK Hynix reported record quarterly revenue of 79.32 trillion won and operating profit of 60.54 trillion won for the second quarter, both missing consensus estimates by roughly 5%, sending shares down nearly 10% in Seoul. The AI-memory supplier's results fell short of aggressive forecasts despite a 257% revenue surge and 557% profit increase from a year earlier, as analysts cited shipment timing for HBM4 delaying some revenue recognition.", "body_md": "# Record SK Hynix profit misses forecasts, shares fall nearly 10%\n\n- Second-quarter revenue rose 257% from a year earlier to 79.32 trillion won, while operating profit increased 557% to 60.54 trillion won. Both set records but missed consensus estimates by roughly 5%.\n[[1]](https://news.skhynix.com/en/q2-2026-business-results/)[[2]](https://www.brecorder.com/news/40432339/sk-hynixs-record-profit-misses-forecasts-shares-slump-13-despite-robust-ai-chip-demand) - SK Hynix does not disclose HBM as a standalone reporting segment. Pre-earnings estimates for quarterly HBM revenue ranged from about $6.1 billion to $8.2 billion.\n[[5]](https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/07/sk-hynix-listing-volatility-gives-way-to-earnings-focus)[[6]](https://in.investing.com/news/stock-market-news/samsung-sk-hynix-stock-gains-to-continue-amid-robust-hbm-momentum-bernstein-5417920) - The company began mass shipments of HBM4 during the quarter and plans to ramp production in the second half, but analysts said shipment timing delayed some revenue recognition.\n[[1]](https://news.skhynix.com/en/q2-2026-business-results/)[[2]](https://www.brecorder.com/news/40432339/sk-hynixs-record-profit-misses-forecasts-shares-slump-13-despite-robust-ai-chip-demand) - The Seoul-listed shares closed nearly 10% lower after falling as much as 19%, extending a decline of more than 50% from the stock’s June record.\n[[3]](https://www.marketwatch.com/story/sk-hynix-shares-sent-sprawling-once-more-as-earnings-miss-deepens-decline-df526e8d?mod=mw_rss_topstories)\n\nSK Hynix reported record quarterly revenue and operating profit Wednesday, but the AI-memory supplier fell short of the aggressive forecasts built around the surge in data-center spending. Its shares closed nearly 10% lower in Seoul after dropping as much as 19% during the session.[[1]](https://news.skhynix.com/en/q2-2026-business-results/)[[3]](https://www.marketwatch.com/story/sk-hynix-shares-sent-sprawling-once-more-as-earnings-miss-deepens-decline-df526e8d?mod=mw_rss_topstories)\n\nRevenue for the three months through June climbed 257% from a year earlier to 79.32 trillion won. Operating profit surged 557% to 60.54 trillion won, producing a 76% operating margin. Analysts surveyed by LSEG had expected about 84 trillion won in revenue and 64 trillion won in operating profit.[[1]](https://news.skhynix.com/en/q2-2026-business-results/)[[2]](https://www.brecorder.com/news/40432339/sk-hynixs-record-profit-misses-forecasts-shares-slump-13-despite-robust-ai-chip-demand)\n\nThe stock had already fallen 14.7% Tuesday during a wider Asian semiconductor selloff. It is now more than 50% below its June record, though Reuters reported that it remained up about 138% for the year after its earlier rally.[[2]](https://www.brecorder.com/news/40432339/sk-hynixs-record-profit-misses-forecasts-shares-slump-13-despite-robust-ai-chip-demand)[[3]](https://www.marketwatch.com/story/sk-hynix-shares-sent-sprawling-once-more-as-earnings-miss-deepens-decline-df526e8d?mod=mw_rss_topstories)[[4]](https://au.investing.com/news/stock-market-news/samsung-sk-hynix-slide-amid-nvidia-financing-worries-china-competition-4555278)\n\nNet income reached 93.92 trillion won, exceeding revenue because the quarter included 63.3 trillion won of gains on investment assets. SK Hynix did not detail those gains in its release; analysts cited by Reuters linked them to the completed sale of the company’s indirect investment in Japanese flash-memory producer Kioxia.[[1]](https://news.skhynix.com/en/q2-2026-business-results/)[[2]](https://www.brecorder.com/news/40432339/sk-hynixs-record-profit-misses-forecasts-shares-slump-13-despite-robust-ai-chip-demand)\n\n## HBM sales rise, but the exact figure remains undisclosed\n\nSK Hynix said HBM, AI-server DRAM and enterprise solid-state drives supported the quarter, but it did not report HBM revenue separately. Visible Alpha had estimated second-quarter HBM revenue of $6.1 billion, up 32% from a year earlier. Bernstein estimated roughly $7.5 billion based on Korean export data, compared with its formal forecast of $8.2 billion.[[1]](https://news.skhynix.com/en/q2-2026-business-results/)[[5]](https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/07/sk-hynix-listing-volatility-gives-way-to-earnings-focus)[[6]](https://in.investing.com/news/stock-market-news/samsung-sk-hynix-stock-gains-to-continue-amid-robust-hbm-momentum-bernstein-5417920)\n\nThe range illustrates the limits of analyzing SK Hynix’s product mix from its public figures. The company reports DRAM and NAND operating trends but does not provide an audited HBM revenue line, making outside estimates dependent on shipment, pricing and export assumptions.\n\nThat mix also complicated comparisons with competitors. Analysts said HBM prices increased less sharply during the quarter than prices for conventional DRAM. Because HBM accounts for a larger portion of SK Hynix’s business than it does at rival memory suppliers, that limited the companywide increase in average selling prices despite strong AI demand.[[2]](https://www.brecorder.com/news/40432339/sk-hynixs-record-profit-misses-forecasts-shares-slump-13-despite-robust-ai-chip-demand)\n\nSK Hynix began mass shipments of HBM4 in the second quarter and said production would increase during the second half. The company said the product had reached customer-required speeds while delivering what it described as industry-leading power efficiency and cost competitiveness. It did not publish customer qualification results, HBM4 revenue or a product-specific shipment target.[[1]](https://news.skhynix.com/en/q2-2026-business-results/)\n\nAnalysts cited by Reuters said slower-than-expected HBM4 shipments delayed some revenue recognition. The company said delays in shipments of certain advanced products also limited price gains for its overall DRAM business.[[2]](https://www.brecorder.com/news/40432339/sk-hynixs-record-profit-misses-forecasts-shares-slump-13-despite-robust-ai-chip-demand)\n\n## The outlook rests on HBM4, long-term contracts and more spending\n\nSK Hynix did not issue a conventional third-quarter revenue, profit or margin range. Its outlook instead centered on continued supply requests, the HBM4 ramp and long-term agreements intended to provide more stability than traditional short-cycle memory contracts.[[1]](https://news.skhynix.com/en/q2-2026-business-results/)[[2]](https://www.brecorder.com/news/40432339/sk-hynixs-record-profit-misses-forecasts-shares-slump-13-despite-robust-ai-chip-demand)\n\nPresident Song Hyun-jong told the earnings call that “major customers are still requesting more memory supply.” SK Hynix said it had finalized long-term agreements with around 10 customers and remained in discussions with other industry clients.[[1]](https://news.skhynix.com/en/q2-2026-business-results/)[[2]](https://www.brecorder.com/news/40432339/sk-hynixs-record-profit-misses-forecasts-shares-slump-13-despite-robust-ai-chip-demand)\n\nReuters reported that the agreements typically run for five years and include safeguards such as deposits. While longer contracts improve demand visibility, analysts said they may also limit how much SK Hynix benefits from sudden increases in memory prices.[[2]](https://www.brecorder.com/news/40432339/sk-hynixs-record-profit-misses-forecasts-shares-slump-13-despite-robust-ai-chip-demand)\n\nThe company expects 2026 capital spending in the high-40 trillion won range, up from 30.2 trillion won in 2025. The money will support the accelerated M15X ramp, preparations for the first Yongin cluster cleanroom in early 2027 and additional packaging and NAND capacity.[[1]](https://news.skhynix.com/en/q2-2026-business-results/)[[2]](https://www.brecorder.com/news/40432339/sk-hynixs-record-profit-misses-forecasts-shares-slump-13-despite-robust-ai-chip-demand)\n\nSK Hynix said the projects would be phased according to customer demand and investment efficiency. That qualification matters because memory manufacturers have historically worsened downturns by adding capacity near the top of a pricing cycle. The company’s long-term contracts provide greater visibility, but they do not eliminate execution or oversupply risk.\n\n## China concerns center on conventional DRAM, not proven HBM parity\n\nThe results followed a sharp rise in concern about Chinese memory producer ChangXin Memory Technologies, or CXMT, after its Shanghai stock-market debut. Investors have focused on whether expanding Chinese capacity could eventually pressure conventional DRAM pricing.[[4]](https://au.investing.com/news/stock-market-news/samsung-sk-hynix-slide-amid-nvidia-financing-worries-china-competition-4555278)\n\nReports that Chinese companies were developing domestic deep-ultraviolet lithography equipment added to the anxiety. Analysts cited by Reuters cautioned that the equipment’s performance, the companies involved and the timeline for commercialization had not been disclosed.[[4]](https://au.investing.com/news/stock-market-news/samsung-sk-hynix-slide-amid-nvidia-financing-worries-china-competition-4555278)\n\nThe immediate implications for HBM are less certain. One investor quoted by Reuters described CXMT as a genuine and rising competitor in commodity DRAM but said it was probably years behind the South Korean manufacturers in HBM. That assessment is independent market commentary, not a confirmed technology comparison.[[4]](https://au.investing.com/news/stock-market-news/samsung-sk-hynix-slide-amid-nvidia-financing-worries-china-competition-4555278)\n\nTrading structure has added another source of volatility. South Korean authorities introduced tougher requirements for single-stock leveraged products after estimating that SK Hynix shares had annualized volatility of 113% between May 26 and July 10. Eight domestic leveraged or inverse products tied to SK Hynix had been introduced in May.[[7]](https://fsc.go.kr/eng/pr010101/87354?curPage=&srchBeginDt=&srchCtgry=3&srchEndDt=&srchKey=&srchText=)\n\nThose products can magnify daily movements for their holders, but the available disclosures do not establish that leveraged retail trading caused Wednesday’s decline. The earnings miss, concerns about AI infrastructure financing and fears of Chinese competition were also cited by analysts as drivers of the selloff.[[2]](https://www.brecorder.com/news/40432339/sk-hynixs-record-profit-misses-forecasts-shares-slump-13-despite-robust-ai-chip-demand)[[4]](https://au.investing.com/news/stock-market-news/samsung-sk-hynix-slide-amid-nvidia-financing-worries-china-competition-4555278)[[7]](https://fsc.go.kr/eng/pr010101/87354?curPage=&srchBeginDt=&srchCtgry=3&srchEndDt=&srchKey=&srchText=)\n\nSK Hynix’s own balance sheet strengthened during the quarter. Cash and cash equivalents reached 88 trillion won, while total debt declined to 18.6 trillion won, leaving a net cash position of 69.4 trillion won. The company said it planned to disclose its next shareholder-return policy later in 2026 but did not provide its timing, size or structure.[[1]](https://news.skhynix.com/en/q2-2026-business-results/)[[2]](https://www.brecorder.com/news/40432339/sk-hynixs-record-profit-misses-forecasts-shares-slump-13-despite-robust-ai-chip-demand)\n\n## Companies mentioned\n\n## Further sources\n\n[[1] SK hynix, “SK hynix Announces 2Q26 Financial Results,” July 29, 2026. ↗](https://news.skhynix.com/en/q2-2026-business-results/)\n\n[[2] Reuters, “SK Hynix's record profit misses forecasts, shares slump despite robus… ↗](https://www.brecorder.com/news/40432339/sk-hynixs-record-profit-misses-forecasts-shares-slump-13-despite-robust-ai-chip-demand)\n\n[[3] MarketWatch, “SK Hynix shares sent sprawling once more as earnings miss steepen… ↗](https://www.marketwatch.com/story/sk-hynix-shares-sent-sprawling-once-more-as-earnings-miss-deepens-decline-df526e8d?mod=mw_rss_topstories)\n\n[[4] Reuters, “Asian chip stocks slide as China competition fears rattle AI trade,” … ↗](https://au.investing.com/news/stock-market-news/samsung-sk-hynix-slide-amid-nvidia-financing-worries-china-competition-4555278)\n\n[[5] S&P Global Market Intelligence and Visible Alpha, “SK Hynix listing volatility … ↗](https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/07/sk-hynix-listing-volatility-gives-way-to-earnings-focus)\n\n[[6] Investing.com, “Samsung, SK Hynix stock gains to continue amid robust HBM momen… ↗](https://in.investing.com/news/stock-market-news/samsung-sk-hynix-stock-gains-to-continue-amid-robust-hbm-momentum-bernstein-5417920)+1 more\n\nThe stories that matter, in one email. Free — unsubscribe anytime.", "url": "https://wpnews.pro/news/record-sk-hynix-profit-misses-forecasts-shares-fall-nearly-10", "canonical_source": "https://mlq.ai/news/record-sk-hynix-profit-misses-forecasts-shares-fall-nearly-10/", "published_at": "2026-07-29 15:53:27.918828+00:00", "updated_at": "2026-07-29 15:53:30.470432+00:00", "lang": "en", "topics": ["ai-chips", "artificial-intelligence", "ai-infrastructure"], "entities": ["SK Hynix", "HBM4", "LSEG", "Reuters", "Kioxia", "Visible Alpha"], "alternates": {"html": "https://wpnews.pro/news/record-sk-hynix-profit-misses-forecasts-shares-fall-nearly-10", "markdown": "https://wpnews.pro/news/record-sk-hynix-profit-misses-forecasts-shares-fall-nearly-10.md", "text": "https://wpnews.pro/news/record-sk-hynix-profit-misses-forecasts-shares-fall-nearly-10.txt", "jsonld": "https://wpnews.pro/news/record-sk-hynix-profit-misses-forecasts-shares-fall-nearly-10.jsonld"}}