SK hynix Inc. reported record-breaking financial results for Q2 2024, driven by soaring demand for AI memory products. The company announced revenues of 16.4233 trillion won, an operating profit of 5.4685 trillion won, and a net profit of 4.12 trillion won. This quarter marks the highest revenue in the company’s history, surpassing the previous record set in Q2 2022.
The surge in revenue, a 32% increase from the previous quarter, was attributed to the strong market demand for DRAM and NAND products, especially AI-focused memory solutions such as HBM and eSSD. The company’s operating margin rose to 33%, aligning with market expectations.
SK hynix’s strategic focus on high-value products like HBM3E and server DRAM, which saw an 80% increase in sales, significantly contributed to this performance. The NAND segment also returned to profitability for the second consecutive quarter, driven by a 50% increase in eSSD sales.
The company’s borrowings fell by 4.3 trillion won, highlighting its strong financial discipline. SK hynix plans to maintain its leadership in the AI memory sector with the upcoming mass production of 12-layer HBM3E products and the launch of 32Gb DDR5 DRAM in the latter half of the year.
Looking ahead, SK hynix forecasts sustained demand for AI server memory and expects continued growth across its high-performance product lines. The company remains committed to leveraging its advanced technology and stable financial base to reinforce its position as the global leader in AI memory products.
