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Stock markets extended an existing slide after memory chip earnings came in below what analysts had forecast.
An earnings miss is the gap between what professional investors expected a company to make and what it actually reported.
SK Hynix, the South Korean chip maker whose quarterly results triggered this round of selling, pushed back on the gloomiest reading by insisting the risk of memory oversupply remains "limited." What SK Hynix reported SK Hynix makes memory chips, the components that allow computers and phones to hold information while they are actively running.
Its profit figures fell short of analyst expectations, meaning the company earned less than the consensus estimate: the average forecast that professional investors publish before each reporting period.
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