SK hynix third-quarter operating profit jumps 632% on-year
South Korean chip giant SK hynix said Wednesday its third-quarter operating profit soared 632% on-year, largely driven by the artificial intelligence industry’s explosive demand for its advanced memory chips.
Operating profit for the July-September period was 83.33 trillion won (US$62.8 billion), the company said in a regulatory filing.
The firm’s July-September net profit jumped 215.7% from last year to 39.77 trillion won, while sales reached 104.61 trillion won.
“SK hynix analysed that a virtuous cycle has taken hold in which AI-driven productivity gains and new revenue generation in areas such as software development, customer service, and search lead to greater AI adoption,” the company said in a statement.
SK hynix is a specialist supplier of high-bandwidth memory chips to US industry behemoth Nvidia, and a pillar of South Korea’s tech-led economy.
The global race to build AI data centres has transformed the company’s fortunes, despite concerns that the sector may be overvalued.
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