SK Hynix reported a record operating profit of $62.8 billion for the July-September quarter, beating market estimates. The company saw massive growth as surging demand for artificial intelligence infrastructure pushed up memory chip prices. Quarterly sales crossed 100 trillion won for the first time, showing how strong the AI market is.
South Korean chipmaker SK Hynix reported record quarterly revenue and operating profit, beating market estimates as surging demand for artificial intelligence (AI) infrastructure drove up memory chip prices.
Operating profit jumped 632.1% year on year to 83.33 trillion won ($62.8 billion) in the July-September quarter. That’s more than the LSEG SmartEstimate of 76.72 trillion won.
Revenue surged 327.9% from a year earlier to 104.62 trillion won ($78.86 billion), exceeding analysts' expectations of 98.34 trillion won. Quarterly sales crossed 100 trillion won for the first time.
Net profit rose 215.7% year on year to 39.78 trillion won.
The Nvidia supplier's results were driven by strong demand for high-bandwidth memory (HBM) chips and other memory products used in AI infrastructure. Revenue rose 31.9% from the previous quarter, while operating profit increased 37.6%.