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AI chip giant SK hynix says quarterly operating profit soars 630%

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AI chip giant SK hynix says quarterly operating profit soars 630%

Business News Tech AI AI chip giant SK hynix says quarterly operating profit soars 630%

South Korean chip giant SK hynix said Wednesday its third-quarter operating profit soared 632 percent on-year, largely driven by the artificial intelligence industry's explosive demand for its advanced memory chips. The memory chip giant said it had posted record revenue and operating profit for six straight quarters since the second quarter of last year.

South Korean chip giant SK hynix said Wednesday its third-quarter operating profit soared 632 percent 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 ($62.8 billion), the company said. The firm's July-September net profit jumped 215.7 percent from last year to 39.77 trillion won, while sales reached 104.61 trillion won.

The memory chip giant said it had posted record revenue and operating profit for six straight quarters since the second quarter of last year. But the earnings fell behind market expectations. 67 trillion won, according to South Korea's Yonhap news agency, citing its own data firm. "SK hynix analyzed 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 chipmaker 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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