SK Hynix reports record quarterly operating loss, but expects rebound later this year
Publishing timestamp: 2023-04-26 01:51:23
Summary
SK Hynix, the world's second largest memory chipmaker, reported a record quarterly operating loss of 3.4 trillion won ($2.54 billion) for the first quarter of the year due to sluggish demand and falling product prices. However, the company expects market conditions to improve and revenues to rebound in the second half of the year. Despite this, analysts predict further downside to SK Hynix's earnings in the second quarter, with memory chip prices potentially falling between 10% to 20%. Rival Samsung Electronics is also expected to report its first quarter earnings, with the company issuing guidance that its operating profit will likely be its lowest since the first quarter of 2009.
Sentiment: NEGATIVE
Keywords: semiconductor device manufacturing, sk hynix inc, business news, micron technology inc, samsung electronics co ltd, technology, earnings, earnings reports,