By Kwanwoo Jun
SK Hynix Inc. reported first-quarter results Wednesday. Here is what you need to know.
NET PROFIT: The South Korean memory-chip maker posted a net profit of 992.64 billion Korean won ($891.5 million) for the quarter ended March 31, up 53% from a year earlier.
REVENUE: First-quarter revenue rose 18% from a year earlier to KRW8.494 trillion, while operating profit rose 66% to KRW1.324 trillion.
WHAT WE WATCHED:
–BELOW CONSENSUS: Despite its solid growth, SK Hynix’s first-quarter net profit missed a FactSet-compiled consensus forecast for a net profit of KRW1.233 trillion.
–CHIP DEMAND: SK Hynix said brisk demand for memory chips used in personal computers and mobile devices supported its earnings growth in the first quarter.
–OUTLOOK: The company expects memory-chip demand to continue to grow in 2021, given the tight supply of DRAM chips and a faster-than-expected recovery in NAND markets.
Write to Kwanwoo Jun at email@example.com
(END) Dow Jones Newswires
April 27, 2021 21:19 ET (01:19 GMT)
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