World’s No. 2 Memory Chip Maker SK Hynix Reports Surprise Profit
- It swings to profit after four consecutive quarterly losses
- AI demand boom is lifting hopes of chip sector rebound
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SK Hynix Inc. posted its first operating profit in more than a year and affirmed plans to build high-end memory capacity to meet AI demand, the latest to signal hope for a long-delayed rebound in 2024.
The world’s No. 2 maker of memory chips reported an operating profit of 346 billion won ($259 million) in the December quarter, beating analyst estimates for another loss on a 47% jump in revenue. Its shares however slid 2.9% in Seoul, giving up a sliver of the near-90% it gained over 2023.