SK Hynix Q4 profit tumbles 95%, hit by prolonged chip downturn

SEOUL, Jan 31 (Reuters) – South Korea’s SK Hynix , a chip supplier to Apple Inc and Huawei , said on Friday its fourth-quarter operating profit slumped 95%, missing analysts’ estimates, as chip prices were hit by oversupply and a demand slowdown.

SK Hynix, the world’s No. 2 memory chip maker after Samsung Electronics, said its operating profit was 236 billion won in the December quarter, below a 433 billion won average forecast drawn from 19 analysts, according to Refinitiv data.

That compared with an operating profit of 4.4 trillion won a year earlier.

It also swung to a net loss of 118 billion won. (Reporting by Hyunjoo Jin; Editing by Muralikumar Anantharaman and Chris Reese)

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