SK Hynix Inc. signage at its headquarters in Seongnam, South Korea, on Monday, April 22, 2024. SK Hynix is scheduled to release earnings results on April 25. Photographer: SeongJoon Cho/Bloomberg via Getty Images
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South Korea's SK Hynix, one of the world's largest memory chipmakers, reported record quarterly profits on Thursday, helped by strong sales of high-bandwidth memory (HBM) used in generative AI.
Here are SK Hynix's fourth-quarter results compared to LSEG SmartEstimate, which is based on analyst forecasts that are consistently more accurate:
- Revenue: 19.77 trillion won (US$13.7 billion) versus 19.91 trillion won
- Operating profit: 8.08 trillion won (US$5.6 billion) versus 8.02 trillion won
Operating profit rose 15% quarter-on-quarter in the October-December quarter to another record high, as did revenue, which rose 12%.
The chipmaker benefited from the boom in artificial intelligence servers and is an important supplier to US chip designers Nvidia.
“SK Hynix emphasized that the company has achieved success with the continued strong demand for AI storage [an] “Thanks to world-leading HBM technology and an operation geared towards profitability, we were able to achieve record results,” the company said in its results announcement.
HBM is a type of dynamic random access memory (DRAM) in which chips are stacked vertically to save space and reduce power consumption. The technology is commonly used in products such as laptops and PCs.
SK Hynix, Micron Technology and Samsung Electronics are the three largest manufacturers of HBM chips.
The strong fourth-quarter numbers cap a year in which the company achieved record annual sales, surpassing the previous high in 2022 by over 21 trillion won. Meanwhile, operating profit surpassed a record set in 2018 during a “superboom” in the semiconductor industry.
Correction: This article has been revised to reflect updated quarterly growth data after SK Hynix amended its press release.
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