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Home » Nvidia Vendor SK hynix Announces Record Third Quarter Financial Results Amid Strong AI Memory Demand
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Nvidia Vendor SK hynix Announces Record Third Quarter Financial Results Amid Strong AI Memory Demand

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Driven by strong demand for AI-related memory products, Nvidia (NVDA, Financial data) supplier SK hynix achieved record financial performance for the third quarter of 2024. With sales of 17.57 trillion won, operating profit of 7.03 trillion won and net profit of 5.75 trillion won, the most great quarterly performance from the company to date.

Operating profit and net profit exceeded peaks reached during the semiconductor boom in the third quarter of 2018; revenue broke the record of 16.42 trillion won set in the second quarter of 2024. The company attributes higher sales of high-value goods, including enterprise SSDs and high-bandwidth memory, which helped increase the average selling price of DRAM and NAND by more than 10%.

Driven by continued data center consumer demand, HBM’s share of DRAM revenue climbed to 30% in the third quarter and could approach 40% in the fourth quarter. Driven by breakthroughs in generative artificial intelligence and significant investments from technology companies, SK hynix expects this trend to continue beyond 2025 as the AI ​​industry grows.

In the fourth quarter of 2024, the company intends to begin distributing 12-layer HBM3E products and also upgrade to next-generation HBM3E memory. SK hynix aims to maximize investment and production in the NAND market while expanding sales of high-capacity eSSDs to meet growing demand.

Kim Woohyun, vice president and chief financial officer of SK hynix, said the company is keeping an eye on profitability and will continue to change its sourcing and product policies to adapt to the market condition.

This article first appeared on GuruFocus.

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