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Markets News

SK Hynix Q2 profit jumps 205% as stay-at-home demand lifts chip prices

SEOUL, July 23 (Reuters) - SK Hynix, the world’s No.2 memory chip maker, posted a 205% rise in quarterly operating profit on Thursday as demand for cloud services and online education amid the COVID-19 pandemic drove up chip prices.

The South Korean company, which counts Apple Inc and Huawei Technologies among its customers, reported an operating profit of 1.9 trillion won ($1.59 billion) in the April-June period, up from 638 billion won a year earlier. Analysts expected a 1.7 trillion won profit, according to Refinitiv SmartEstimate that is weighted towards more consistently accurate analysts.

Second-quarter revenue rose 33% on-year to 8.6 trillion won.

$1 = 1,196.8500 won Reporting by Joyce Lee; Editing by Jacqueline Wong

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