Chipmaker SK Hynix reports record-high net profit

Chipmaker SK Hynix reports record-high net profit

SEOUL, Korea, Republic Of — South Korean chipmaker SK Hynix says its quarterly net profit surged 75 per cent to a record high.

SK Hynix said Thursday its April-June net income was 4.3 trillion won ($3.8 billion), compared with 2.5 trillion won a year earlier. The result beats the analyst consensus of 3.9 trillion won, according to market data provider FactSet.

SK Hynix, the world’s second-largest memory chipmaker after Samsung Electronics, said its sales and operating income were also at historic highs.

Sales jumped 55 per cent to 10.4 trillion won ($9.3 billion). Operating profit surged 83 per cent to 5.6 trillion won ($5 billion).

SK Hynix said global demand for chips that process data in servers, personal computers and mobile computers soared, but global supplies could not catch up, resulting in higher memory chip prices.

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