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SK hynix and Hyundai Motor beat earnings expectations in Q2 Updated: 2020-07-23 13:24:11 KST

Despite the pandemic, the market saw an earnings surprise today for the second quarter from South Korean chipmaker SK hynix and automaker Hyundai Motor.
Operating profit at SK hynix came to around 1.6 billion dollars, more than triple the same period last year.
This figure was driven by increased demand for the IT products people have been using in the pandemic but also IT companies stockpiling memory chips.
Hyundai Motor saw operating profit of around 490 million dollars, which was lower than a year ago but much higher than market expectations.
This was thanks in part due a further cut in taxes on new cars in Korea and high demand locally for Hyundai's new models.
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