저자: JennyHorn · 외국인
요약 보기
SK하이닉스 실적은 매출 전분기비 51%, 영업이익률 76%로 역대급이나 컨센서스 소폭 하회로 주가 급락 후 일부 회복. KLA는 매출·EPS 소폭 상회하나 메모리 가격 이슈·관세 비용으로 주가 7% 하락. 시게이트는 조정 EPS 5.71달러(예상 5.10)로 상회, 가이던스 상향으로 주가 약 5% 상승. 전반적으로 AI 수요는 견고하나 기대치가 높아 반응이 엇갈림.
다듬은 글
To highlight stocks showing momentum, we welcome Jenny Horn, co-host of "Next in Investing," to help you prepare for today's trading. So, Jenny, we have a busy day ahead of us: the tech sector , the Fed, and everything that's happening in the market during premarket trading. Let's start with a review of SK Hynix.
Their shares fell significantly abroad. There is some pressure here. Tell us about your key findings. Yes, Nate, we're already seeing a pretty significant drop in this title, but in terms of overall earnings, there are still a lot of positives. For example, we saw that revenue grew by 51% compared to the previous quarter, and the year-over-year growth rate was 257%.
Operating profit also hit a record, rising 61% quarter-over- quarter and 557% year-over- year. So, I mean , it's just incredible. Operating margin increased from 50 to 76%. This is five percentage points more than in the previous quarter. EBITDA is also now around 81%. The average selling price of NAND increased by more than 50 percent compared to the previous quarter, and revenue from enterprise SSDs doubled.
So, even on a quarterly basis, this is a stunning report. They have begun mass production of HBM4 supplies and highlighted industry leadership in energy efficiency, and have signed long-term agreements with approximately 10 key customers, ensuring demand for AI memory and predictability of supply. And for the first time in the company's history, we saw such significant revenue in the first half of the year.
I must point out that the underlying revenue metric, at least at the conversion rate I see, fell just a little short of expectations. Operating profit also came in slightly below expectations. The stock fell 10% after that report, so we actually recovered quite nicely as it became clear that the results had fallen short of relatively high expectations.
They are also planning a significant capacity expansion, raising concerns about future memory supply, and capital expenditures are now reaching the upper end of their previously forecasted range. So, despite such strong demand for AI, investors expected even better results, given the company's current position as a leading HBM supplier to Nvidia and other large AI customers.
So, I think we're seeing that reflected in the stocks, but obviously we've rolled back a little bit this morning , Dan. Good. Okay, let's move on to KLA Corp. These stocks are also under pressure. Tell us about your conclusions about this company. Yes, this is a completely different field, it has a greater dependence on what I would call "true analog" or, as I always say, the third echelon of AI, but the results are still record-breaking.
I mean, fourth-quarter revenue slightly exceeded forecasts, by about 1.5%. Adjusted profit (non-GAAP) also increased and exceeded expectations by 5%. Although revenue increased by 15% compared to last year. Even more impressive to me is the 7% growth compared to last quarter's revenue. Gross margin was also 62.4%, which is at the upper end of their forecast.
Operating margin reached 43.7%, and their profit (non-GAAP) at least did not disappoint against the backdrop of inflated expectations. At the same time, their revenue forecast now at least signals some acceleration in growth rates. They also expect revenue from advanced packaging process control to reach about 1.1 billion this fiscal year.
This will be an increase of more than 70% year-on-year . They highlighted factors such as demand for AI infrastructure, advanced packaging, foundry , logic, and memory investments that they believe will accelerate their growth through 2027. But shares fell 7% this morning in response to mention of memory pricing issues affecting profitability.
The impact of tariff restrictions on gross margins was also highlighted as they continue to face supply chain challenges, especially for components with long lead times. As a result, the free cash flow margin was 28 % lower than expected . And they noted the limited ability to offset these costs through pricing.
And I think that's why we're seeing such a significant pullback, which has n't changed much since we got the results this morning, Dan. It seems to me that for all of these companies, the bar of expectations before the announcement of the results was very high. So, the question arises whether the reboot will happen today.
We'll see how the day goes, especially towards the evening when the hyperscalers report, because we're in for a big test with the tech giants today and tomorrow. Microsoft, Meta, Amazon, Apple. Okay, let's talk about Seagate. It was one of the most successful companies this year, but again, the memory sector is under pressure.
What's new? Yes, and I will say that Seagate also rolled back. I mean, you rarely see a company that traded with this much volatility. Because if you look at the range we saw for this title, we have now retreated very significantly from the highs. And, having had, all things considered, a pretty terrible month, at least now we're seeing results that have somehow managed to turn things around.
And I will say that overall, you could see something that would have made you think at first when we looked at these headline numbers before the report, where all the expectations were way too high. But despite all that, we see them showing a nice jump this morning on strong earnings after seeing key figures that beat expectations.
We also see a truly stunning report: their adjusted profit significantly exceeded forecasts, coming in at $5.71 versus the expected $5.10. We also saw their revenue grow by a whopping 49% year-over- year, and now they have provided guidance for the first quarter of fiscal 2027 that significantly exceeded expectations.
Now, the stock initially rose about 5% in response to this report. Investors seem eager to restore momentum in the stock, which is up 389% over the past 12 months, but they mentioned more about capacity accumulation, more AI acceleration for their data, and stable, long-term demand , and again provided a strong outlook to support that stability.
So it's a good move. We'll see, of course, how we open up, because there's a lot of volatility hitting the broader tech sector right now in response to earnings, Diana. Certainly. So we see a divergence in reaction to the results this morning. Thank you, Jenny. Thank you for that.
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