Nvidia supplier SK Hynix posts record Q3 profit, beats forecasts

SEOUL (Reuters) -South Korea’s SK Hynix on Thursday posted a record quarterly profit as the Nvidia (NASDAQ:) supplier saw strong sales of its advanced chips such as high bandwidth memory (HBM) ones used in generative AI chipsets.

The world’s second-biggest memory chipmaker reported a 7 trillion won ($5.07 billion) operating profit for the July-September quarter versus a 1.8 trillion won loss a year earlier.

That compared with a 6.8 trillion won average forecast by LSEG SmartEstimate, which is weighted toward analysts who are more consistently accurate.

SK Hynix has outperformed rivals Samsung Electronics (KS:) and Micron Technology (NASDAQ:) in recent quarters, as it benefits the most from AI-driven appetite for high-end memory chips following its early entry and large investments in HBM chip development.

Revenue for the quarter rose 94% year-on-year to 17.6 trillion won.

($1 = 1,379.9600 won)