SK hynix's Operating Profit Tops 60 Trillion Won, Yet Market Cap Erases 1,000 Trillion Won in a Month [Second Day of Market Panic]

SK hynix posted record quarterly sales, operating profit, and operating margin in the second quarter of this year, driven by solid memory demand from investments in Artificial Intelligence (AI) infrastructure. However, the results fell short of elevated market expectations, and the stock slid to as low as the 1.2 million won level during the session. SK hynix's market capitalization, which had exceeded 2,000 trillion won, has shrunk by about 1,000 trillion won in just one month.
SK hynix said on the 29th that it posted second-quarter sales of 79.3187 trillion won on a consolidated basis and operating profit of 60.5426 trillion won. That marked increases of 256.8% and 557.2%, respectively, from a year earlier. The company broke the record it set in the first quarter just one quarter later. First-half sales surpassed 100 trillion won for the first time, reaching 131.895 trillion won. First-half operating profit came close to 100 trillion won at 98.1529 trillion won.
The operating margin rose 4.8 percentage points from the previous quarter's 71.5% to 76.3%, a new all-time high. It is an unprecedented figure in the tech industry. It also far exceeded the margins recently reported by major global big tech companies. It outperformed NVIDIA at 65.6%, TSMC at 60.3%, Microsoft at 46.3%, Alphabet Inc. at 34%, and Apple at 32.3%.
Quarterly operating profit also topped 60 trillion won, ranking fourth behind Samsung Electronics at 89.4 trillion won, NVIDIA at about 78 trillion won, and Apple at about 74 trillion won.
Even the company's record-breaking performance could not stop the stock from falling. The decline reflected both the fact that results came in below market expectations, with consensus operating profit at 64 trillion won, and growing caution over whether big tech will keep up its AI investments. SK hynix shares fell to as low as the 1.2 million won level during the session, while market capitalization briefly dropped to the 950 trillion won range. SK hynix's market cap fell below 1,000 trillion won for the first time in three months, since April 30.
Despite the market's sharp reaction, SK hynix maintained its view that AI-driven memory demand will continue in the medium to long term. The company also said it is finalizing long-term supply agreement negotiations with more than 10 companies, including big tech firms, and is in talks on additional memory supply contracts with other customers. On the same day, SK hynix projected this year's investment at the high-40-trillion-won range, more than 50% higher than last year's 30.2 trillion won.
[email protected] Jeong Won-il, Lee Dong-hyeok Reporter