{"id":1926,"date":"2024-07-24T23:00:29","date_gmt":"2024-07-24T23:00:29","guid":{"rendered":"http:\/\/localhost:8080\/sk-hynix-announces-2q24-financial-results\/"},"modified":"2026-07-20T08:59:03","modified_gmt":"2026-07-20T08:59:03","slug":"sk-hynix-announces-2q24-financial-results","status":"publish","type":"post","link":"https:\/\/news.skhynix.com\/en\/sk-hynix-announces-2q24-financial-results\/","title":{"rendered":"SK hynix Announces 2Q24 Financial Results"},"content":{"rendered":"
\u00b7 Revenues at 16.4233 trillion won, operating profit at 5.4685 trillion won, net profit at 4.12 trillion won<\/strong>
\n\u00b7 Quarter revenues all-time high, operating profit hits 5 trillion won for the first time since the 2018 boom<\/strong>
\n\u00b7 AI memory products including HBM, eSSD in a boom, NAND turning to profit for two straight quarters<\/strong>
\n\u00b7 Borrowings fall by 4.3 trillion won in a quarter, confident that company will solidify its global no.1 AI memory provider position based on stable financial structure<\/strong><\/div>\n

Seoul, July 25, 2024<\/strong><\/p>\n

SK hynix Inc. (or \u201cthe company\u201d, www.skhynix.com<\/span><\/a>) announced today that it recorded 16.4233 trillion won in revenues, 5.4685 trillion won in operating profit (with an operating margin of 33%), and 4.12 trillion won in net profit (with a net margin of 25%) in the second quarter.<\/p>\n

Quarter revenues marked all-time high, far exceeding the previous record of 13.811 trillion won in the second quarter of 2022. Operating profit also increased significantly, marking 5 trillion won for the first time in 6 years since the second quarter (5.5739 trillion won) and the third quarter (6.4724 trillion won) of 2018 during the semiconductor super boom.<\/p>\n

The company said that continuous rise in overall prices of DRAM and NAND products with strong demand for AI memories including HBM led to 32% increase in revenues compared to the previous quarter. Also, with the sales for premium products on the rise and exchange rate effects adding, the operating profit ratio in the second quarter rose 10 percentage points from the previous quarter to 33%, performing to market expectations.<\/p>\n

In the DRAM area, SK hynix increased the proportion of high-value-added products such as HBM3E and DRAM for servers, which the company began mass production since this March. In particular, HBM sales went up by more than 80% compared to the previous quarter and more than 250% compared to the same period last year, leading the company\u2019s improvement.<\/p>\n

For the NAND business, the sales of eSSD and mobile products increased for the most part. Especially eSSD sales, which continued to grow steeply, rose by about 50% from the first quarter. The company emphasized that the average selling price (ASP) has continued to rise across NAND products since the fourth quarter of last year, turning to profit for two consecutive quarters.<\/p>\n

SK hynix forecasts that the demand for AI server memory will continue to rise in the second half, and sales of high-performance memory products will increase as new PC and mobile products supporting On-Device AI will be released on the market. The company also expects general memory product market to be on a steady growth path as well.<\/p>\n

In accordance with this movement, SK hynix plans to continue its leadership in the HBM market by mass-producing 12-layer HBM3E products, which the company provided samples to major customers, in the third quarters.<\/p>\n

SK hynix also plans to launch 32Gb DDR5 DRAM for servers and MCRDIMM*<\/span> for high-performance computing in the second half of the year to maintain its competitive advantage in the DDR5 area, where the company is the only provider of the highest capacity 256GB products for servers.<\/p>\n

*<\/span>MCR DIMM (Multiplexer Combined Ranks Dual In-line Memory Module):<\/strong> A module product with multiple DRAMs bonded to a motherboard, in which two ranks, basic information processing units, operate simultaneously, resulting in improved speed<\/p>\n

For NAND, SK hynix plans to expand sales of high-capacity eSSD and lead the market in the second half with 60TB products, expecting eSSD sales to be more than quadrupled compared to last year. In addition, the company plans to continue its earnings growth by introducing competitive solutions to customers across its NAND product portfolio.<\/p>\n

Separately, SK hynix is working on the construction of Cheongju M15X, which is under construction, with the goal of starting mass production in the second half of next year to cope with the growing demand for AI memory. In addition, the company plans to start construction of the first fab of the Yongin semiconductor cluster in March next year and complete it in May 2027 as scheduled.<\/p>\n

SK hynix explained that although the yearly CAPEX might be higher than planned at the beginning of the year, the company will establish an investment plan by closely analyzing customer demand and profitability, while securing financial soundness by efficiently executing it within the operating cash flow.<\/p>\n

\u201cWe were able to reduce the borrowings by 4.3 trillion won compared to the first quarter while making essential investments during the second quarter in line with its profitability-oriented investment stance.\u201d Chief Financial Officer Kim Woohyun said. \u201cThe company will further solidify the position as a leader in AI memory products by focusing on developing the best process technology and high-performance products based on a stable financial structure.\u201d<\/p>\n

\u25a0 2Q24 Financial Results (K-IFRS)<\/strong><\/p>\n\n\n\n\n\n\n\n\n
\n
Unit: Billion KRW<\/div>\n<\/td>\n
2Q24<\/strong><\/td>\nQoQ<\/strong><\/td>\nYoY<\/strong><\/td>\n<\/tr>\n
1Q24<\/strong><\/td>\nChange<\/strong><\/td>\n2Q23<\/strong><\/td>\nChange<\/strong><\/td>\n<\/tr>\n
Revenues<\/td>\n16,423.3<\/td>\n12,429.6<\/td>\n32%<\/td>\n7,305.9<\/td>\n125%<\/td>\n<\/tr>\n
Operating Profit<\/td>\n5,468.5<\/td>\n2,886<\/td>\n89%<\/td>\n-2,882.1<\/td>\nTurn to profit<\/td>\n<\/tr>\n
Operating Margin<\/td>\n33%<\/td>\n23%<\/td>\n10%p<\/td>\n-39%<\/td>\n73%p<\/td>\n<\/tr>\n
Net Income<\/td>\n4,120<\/td>\n1,917<\/td>\n115%<\/td>\n-2,987.9<\/td>\nTurn to profit<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u203b Financial information of the earnings is based on K-IFRS
\n\u203b Please note that the financial results discussed herein are preliminary and speak only as of July 25, 2024. Readers should not assume that this information remains operative at a later time.<\/p>\n

About SK hynix Inc.<\/strong><\/p>\n

SK hynix Inc., headquartered in Korea, is the world\u2019s top tier semiconductor supplier offering Dynamic Random Access Memory chips (\u201cDRAM\u201d), flash memory chips (\u201cNAND flash\u201d) and CMOS Image Sensors (\u201cCIS\u201d) for a wide range of distinguished customers globally. The Company\u2019s shares are traded on the Korea Exchange, and the Global Depository shares are listed on the Luxembourg Stock Exchange. Further information about SK hynix is available at www.skhynix.com<\/a><\/span>, news.skhynix.com<\/a><\/span>.<\/p>\n

Media Contact<\/strong><\/p>\n

SK hynix Inc.
\nGlobal Public Relations<\/p>\n

Technical Leader
\nSooyeon Lee
\nE-Mail: global_newsroom@skhynix.com<\/span><\/a><\/p>\n

Technical Leader
\nKanga Kong
\nE-Mail: global_newsroom@skhynix.com<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Revenues at 16.4233 trillion won, operating profit at 5.4685 trillion won, net profit at 4.12 trillion won Quarter revenues all-time high, operating profit hits 5 trillion won for the first time since the 2018 boom AI memory products including HBM, eSSD in a boom, NAND turning to profit for two straight quarters Borrowings fall by [\u2026]<\/p>\n","protected":false},"author":23,"featured_media":1925,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_migrated_source_id":15424,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[7,4],"tags":[59,58,213],"class_list":["post-1926","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ir","category-press","tag-earnings","tag-quarterly-earnings","tag-second-quarter-2024"],"acf":[],"_links":{"self":[{"href":"https:\/\/news.skhynix.com\/en\/wp-json\/wp\/v2\/posts\/1926","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/news.skhynix.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.skhynix.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.skhynix.com\/en\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/news.skhynix.com\/en\/wp-json\/wp\/v2\/comments?post=1926"}],"version-history":[{"count":3,"href":"https:\/\/news.skhynix.com\/en\/wp-json\/wp\/v2\/posts\/1926\/revisions"}],"predecessor-version":[{"id":9261,"href":"https:\/\/news.skhynix.com\/en\/wp-json\/wp\/v2\/posts\/1926\/revisions\/9261"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.skhynix.com\/en\/wp-json\/wp\/v2\/media\/1925"}],"wp:attachment":[{"href":"https:\/\/news.skhynix.com\/en\/wp-json\/wp\/v2\/media?parent=1926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.skhynix.com\/en\/wp-json\/wp\/v2\/categories?post=1926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.skhynix.com\/en\/wp-json\/wp\/v2\/tags?post=1926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}