October 27, 2022 08:27
SK Hynix reported an earnings shock in the third quarter of this year as demand for chips decreases amid the global economic slowdown.
The chip giant on Wednesday said it posted sales of W10.98 trillion and an operating profit of W1.66 trillion, down 7 percent and a whopping 60.3 percent from a year earlier. (US$1=W1,427)
Operating profit was far lower than market forecasts of W2.16 trillion.
The company said falling prices outstripped its cost-cutting measures, while sales fell from the previous quarter due to sluggish demand.
With global uncertainty set to continue, the chipmaker said it will cut its investments, which stood at W10 trillion this year, in half next year.
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