SK Hynix Q2 revenue reaches record high of 13.8 trillion won, expects slower demand for memory chips in the second half of the year
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Update time : 2022-07-27 16:06:50
SK Hynix, the world's second largest memory chip maker, has announced its second quarter financial results. The data show that SK Hynix Q2 revenue rose 34% year-on-year to a record 13.8 trillion won; operating profit rose 56% to 4.2 trillion won ($3.2 billion), the highest second-quarter profit since 2018, with market expectations of 4 trillion won, thanks to strong demand from server customers and a strong dollar to offset rising raw material costs.
SK Hynix said DRAM chip shipments for devices and servers grew about 10 percent in the second quarter from the first quarter, and NAND flash chip shipments grew by a high single-digit percentage. SK Hynix's chip sales, which are mainly denominated in U.S. dollars, hit a 20-year high in the second quarter, also boosting profits in won.
Looking ahead, SK Hynix expects demand for memory chips, including server chips, to slow in the second half of the year. "Shipments of personal computers and smartphones equipped with memory chips are expected to be lower than initially expected," SK Hynix said in a statement. "Server memory demand from data center customers is also likely to slow as customers will deplete their inventories."
Rising inflation, concerns about downturns in major markets, and an epidemic blockade have led to a slowdown in smartphone sales, leaving server chip demand as the only bright spot. Earlier this month, SK Hynix's biggest rival, Samsung Electronics, reported strong preliminary second-quarter profits, which may be linked to strong server chip demand, it was noted.
In addition, several chipmakers, including Micron Technology (MU.US), have warned that the oversupply of chips is intensifying after a two-year-long global chip shortage.
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