SK Hynix's profits surge fourfold in Q1

Arabian Sea Newspaper - Special

((Arab Sea)) Follow-ups: South Korean chip giant SK Hynix announced on Thursday that its operating profit in the second quarter exceeded 9 trillion won ($6.53 billion) for the first time, driven by increasing demand for artificial intelligence chips, including high-bandwidth memory (HBM). In a regulatory filing, the company announced record operating profit of 9.21 trillion won for the period from April to June, up 68.5 percent from the same period last year, achieving a new quarterly record. Revenue jumped 35.4 percent year-on-year to 22.23 trillion won, while net income rose 69.8 percent to 6.99 trillion won. Operating profit and sales exceeded their previous all-time highs recorded in the last quarter of last year. The company attributed this record performance to strong demand for AI-related products, which strengthened its position as a global leader in high-bandwidth memory technology. Profits exceeded market expectations. The average analyst estimate for net profit was 5.48 trillion won, according to a survey by Yonhap Infomax. The company said: "The memory market has seen faster-than-expected growth due to competition to develop artificial intelligence systems and increased demand for inventory accumulation."