Chipmaker SK Hynix posts record second-quarter profit
SeongJoon Cho | Bloomberg | Getty Images
South Korean chipmaker SK Hynix posted record second-quarter operating profit on Thursday, beating market expectations thanks to strong sales of DRAM chips for servers.
The world's No. 2 memory chipmaker said operating profit for April-June grew 83 percent to 5.6 trillion won ($5 billion) from 3.1 trillion won a year earlier.
That compared with a 5.4 trillion won Thomson Reuters StarMine SmartEstimate from a survey of 21 analysts.
Revenue for the period rose 55 percent from a year earlier to a record 10.4 trillion won, the company said.
SK Hynix stock rose 1 percent on the result, after sliding more than 7 percent since Monday on analyst forecasts of a slowdown in DRAM sector performance.
The results come as an industry-wide shift to new production technology raises market fears of oversupply that could spell the end of a cycle of strong price growth that has underpinned record profits for the past two years.
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