0550 GMT – SK Hynix Inc. is one of the most mentioned companies in the news in the past seven hours after the South Korean memory chip maker’s fourth-quarter results fell short of expectations, according to data from Factiva. The company tumbled to a net loss of 3.524 trillion won ($2.86 billion) from a net profit of 3.32 trillion won the year before, with revenue falling 38% to 7.0699 trillion won to 1.701 trillion. led to an operating loss of 100 million won. It was the company’s first quarterly net loss in three years and its first operating loss in a decade. SK Hynix blamed weak demand and a plunge in semiconductor prices on its poor performance. The company expects demand for memory chips to gradually recover, but plans to implement planned investment cuts this year. Chip companies around the world are looking to reduce capital expenditures aimed at expanding capacity or reducing output to combat oversupply. SK Hynix’s stock recently rose 1.6% to 89,900 won, while Kospi gained 0.7% of his. Dow Jones & Company owns Factiva. (farah.elias@wsj.com)
(Closed) Dow Jones Newswire
February 1, 2023 01:05 ET (06:05 GMT)
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