Samsung Electronics and SK Hynix posted record quarterly earnings but saw sharp stock declines as analysts raised profit forecasts through 2027 while projecting growth slowdown in 2028, according to financial data firm FnGuide on the 10th. Samsung announced on the 7th Q2 consolidated revenue of 171 trillion won and operating profit of 89.4 trillion won, both quarterly records, yet shares fell nearly 7% that day while SK Hynix dropped 6.06%. Analysts attribute the counterintuitive price action to investor focus shifting from absolute earnings levels to the pace of future profit expansion, with consensus forecasts showing Samsung's 2026 operating profit estimates rising approximately ninefold over the past year to 361.9668 trillion won. The semiconductor industry's forward-looking valuation model makes growth rate deceleration—projected for 2028 when Samsung's operating profit may decline 5.9% and SK Hynix's growth may stall at 0.8%—a critical factor despite profit levels remaining at all-time highs.
Samsung and SK Hynix Earnings Forecasts Expand Through 2027
FnGuide data shows Samsung Electronics' consolidated annual operating profit estimate reaching 361.9668 trillion won by year-end, a 730.18% increase from the previous year, then expanding to 498.6002 trillion won in 2027. Revenue projections show 702.1976 trillion won this year (up 110.49% year-over-year) growing to 883.8832 trillion won in 2027. Quarterly forecasts indicate Samsung's Q3 operating profit at 105.9905 trillion won—marking the first 100-trillion-won quarterly profit—with Q4 reaching 114.4197 trillion won.
SK Hynix operating profit estimates stand at 265.2302 trillion won this year, up 461.85% from last year, expanding to 386.0663 trillion won in 2027. Quarterly projections show Q2 at 63.1532 trillion won, Q3 at 78.2508 trillion won, and Q4 at 86.1305 trillion won. Over the past year, Samsung's 2026 operating profit consensus rose from 39.1166 trillion won to 361.9668 trillion won (approximately 9x increase), while SK Hynix's estimate climbed from 39.4491 trillion won to 265.2302 trillion won (approximately 6.7x increase). Target price consensus for Samsung rose from 75,000 won one year ago to 455,000 won currently, while SK Hynix's target increased from 293,560 won to 3,018,000 won.
Record Q2 Results Trigger Stock Declines on the 7th
Samsung Electronics disclosed on the 7th preliminary Q2 consolidated results of 171 trillion won in revenue and 89.4 trillion won in operating profit, both quarterly records. Despite typically serving as positive catalysts, the announcement triggered a nearly 7% drop in Samsung shares that day, with SK Hynix falling 6.06%. On the 8th, Samsung declined an additional 6.25% and SK Hynix dropped 5.68%.
Shin Hyun-yong, researcher at Yuanta Securities, stated "this quarter's results recorded high year-over-year growth rates, but the earnings surprise intensity weakened compared to the previous quarter," adding "as earnings surprise intensity weakens, the magnitude of subsequent profit estimate revisions tends to shrink." Kwon Soon-ho, researcher at Daishin Securities, explained "domestic investors are sensitive to how much future operating profit will grow rather than current earnings," describing "recent fluctuations as a secondary effect appearing after expectations for fundamentals rose sharply."
Analyst Consensus Projects 2028 Growth Slowdown
Samsung Electronics' operating profit is projected at 469.1808 trillion won in 2028, a 5.9% decrease from the previous year. SK Hynix estimates show 383.1020 trillion won, down 0.8%, effectively halting growth momentum. While absolute profit levels remain at record highs, growth rates decelerate. The semiconductor sector represents an industry that prices in future earnings, explaining market sensitivity to growth rate changes over current results.
An industry official stated "what drove stock prices higher was not current earnings but consistently raised earnings forecasts," adding "recent price corrections can be seen as pre-reflecting concerns that this upward earnings revision trend may slow." Song Myung-seop, researcher at iM Securities, commented "we raised this year's operating profit forecast reflecting Q2 earnings surprises and higher-than-expected second-half memory price increases," noting "we maintain a positive view on the industry outlook despite short-term price corrections."
FAQ
Why did Samsung Electronics and SK Hynix stocks fall after announcing record quarterly earnings on the 7th?
Analysts attribute the stock declines to market focus on future profit growth rates rather than absolute earnings levels. Shin Hyun-yong of Yuanta Securities stated the earnings surprise intensity weakened compared to the previous quarter, and as this intensity weakens, subsequent profit estimate revision magnitudes tend to shrink. Kwon Soon-ho of Daishin Securities explained domestic investors are sensitive to how much future operating profit will grow, with recent fluctuations representing a secondary effect after expectations for fundamentals rose sharply.
What are the projected operating profit trends for Samsung Electronics and SK Hynix through 2028?
FnGuide data shows Samsung's operating profit reaching 361.9668 trillion won this year (up 730.18% year-over-year), expanding to 498.6002 trillion won in 2027, then declining 5.9% to 469.1808 trillion won in 2028. SK Hynix projections show 265.2302 trillion won this year (up 461.85%), growing to 386.0663 trillion won in 2027, then decreasing 0.8% to 383.1020 trillion won in 2028, effectively halting growth momentum while maintaining record absolute profit levels.
