SK Hynix Drops as Profit Disappoints

SK Hynix shares slide by a daily record of around 19% in Seoul Wednesday, erasing early gains after the memory maker reported lower-than-expected operating profit for the second quarter and announced plans for higher spending.

The company earmarked at least $31 billion in capital spending this year after reporting a six-fold surge in quarterly profit.

Bloomberg's Anthony Stephens reports. (Source: Bloomberg)