GoKawiilA SK Hynix flag (R) and a South Korean national flag (L) flutter outside the company's Bundang office in Seongnam on Jan. 26, 2024.
South Korean memory chip giant SK Hynix posted yet another quarter of record profit and revenue on Thursday, as prices for its products continue to surge amid strong AI demand. While its earnings were broadly in line with estimates, revenue missed forecasts.
Here are SK Hynix's first-quarter results versus LSEG smart estimates, which are weighted toward forecasts from analysts who are more consistently accurate:
Revenue: 52.58 trillion won ($35.55 billion) vs. 53.55 trillion won
Operating profit: 37.61 trillion won vs. 37.92 trillion won
Revenue in the March quarter nearly tripled from the same period last year, surpassing 50 trillion won for the first time.
Operating profit grew by a factor of five year-over-year and nearly doubled from the previous quarter, while operating margin also reached an all-time high of 72%.
SK Hynix makes memory chips used to store data, which are found in everything from servers to smartphones and laptops.
The company has benefited from a boom in artificial intelligence demand as the world's leading supplier of high-bandwidth memory, or HBM, used in AI datacenters.
"SK Hynix noted that despite the fact that first quarter is typically a seasonal downturn, strong demand persisted due to expanded investments in AI infrastructure," the company said in its earnings release.
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