The South Korean company SK Hynix has reported record quarterly financial results. Despite achieving a historic high in profit, the figures did not meet analysts' expectations, according to CNBC.
In the quarter ending in June, the memory chip manufacturer's revenue grew by 257% year-on-year, reaching 79.32 trillion won ($54.55 billion). At the same time, the market had forecasted a revenue of 84 trillion won. The company's operating profit increased by nearly 557%, amounting to 60.54 trillion won, while 64 trillion won was anticipated. Compared to the previous quarter, revenue rose by 51%, and operating profit increased by 61%. The company attributes the steady growth in demand to the expansion of investments in artificial intelligence infrastructure.
For the first time in its history, SK Hynix's total revenue for the first half of the year exceeded 100 trillion won, driven by high demand for advanced technologies. The tech giant supplies equipment for data processing centers and components for consumer electronics, with major clients including leading American corporations, such as Nvidia, with which it recently expanded its partnership under a multi-year agreement worth over $500 billion.
