SK Hynix posts sixfold rise in Q2 profit on AI chip demand, misses forecasts

The company said its quarterly revenue rose 257% to 79.3 trillion won.

($1 = 1,453.7200 won)

(Reporting by Heekyong Yang and Joyce Lee; Editing by Jamie Freed and Sonali Paul)

SK Hynix's net profit rose more than 13-fold, driven in part by non-operating gains. It reported net non-operating profit of 60.9 trillion won, including gains related to investment assets, without providing further details.

Kim Sunwoo, a senior analyst at Meritz Securities, estimated that the company recognized cumulative investment gains following the completion last month of the sale of its stake in Japanese NAND flash memory maker Kioxia.

SK Hynix invested about 4 trillion won in Kioxia in 2018 through a Bain Capital-led consortium of U.S., Japanese and South Korean investors, participating via two special purpose vehicles (SPCs).