SK Hynix (SKHY) Stock Slides 9%: Is the AI Memory Boom Cooling Off?

TLDR

• SK Hynix reported Q2 operating profit of 60.5 trillion won ($42B), up 557% year-over-year but below the 64.2 trillion won analyst estimate
• Revenue hit a record 79.3 trillion won ($54.5B), also missing the 83.9 trillion won forecast
• SKHY stock dropped 8.98% on July 28, its first earnings report since listing ADRs on Nasdaq earlier this month
• The company posted a record 76% operating margin and net profit surged 1,242% on one-time investment gains
• SK Hynix secured long-term supply deals with around 10 customers and has begun mass shipments of HBM4

SK Hynix posted record revenue and a 557% jump in operating profit for Q2, and the stock still fell nearly 9%.

SKHY closed down 8.98% on July 28 at $130.17, with Seoul-listed shares dropping around 2.52% in their own session. The ADR listing on Nasdaq happened earlier this month, making this the company’s first earnings report as a U.S.-listed stock.

Operating profit came in at 60.54 trillion won ($41.62 billion), missing the 64 trillion won analyst estimate compiled by LSEG SmartEstimate. Revenue rose 257% to a record 79.32 trillion won ($54.53 billion), but that also fell short of the 83.9 trillion won forecast.

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