SK hynix posts record-high Q3 2024 profit, sales of 'explosive' demand of AI memory, HBM, eSSDs

SK hynix has reported its Q3 2024 financial report, noting new records in revenue and net profit, achieving the best-ever quarterly performance with "increasing premium product sales" on based on its #1 AI memory technology.

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The South Korean memory leader noted strong demand of memory for AI servers, with HBM memory share of DRAM revenues for SK hynix in Q3 2024 hitting 30% and forecasted to reach 40% in Q4 2024 (especially as NVIDIA's new Blackwell B200 and GB200 are now in the wild with the fastest HBM3E memory on-board).

SK hynix reported revenues of 17.5731 trillion won (around $12.6 billion USD or so), operating profits of 70.3 trillion won (around $5 billion USD or so) and net profits of 5.7534 trillion won (around $4.1 billion USD or so). The company emphasized that the demand for AI memory continued to be strong centered on data center customers, and the company marked its highest revenue since its foundation by expanding sales of premium products such as HBM and eSSD. In particular, HBM sales showed excellent growth, up more than 70% from the previous quarter and more than 330% from the same period last year.

Kim Woohyun, Vice President and Chief Financial Officer (CFO) at SK hynix said: "SK hynix has solidified its position as the world's No.1 AI memory company by achieving the highest business performance ever in the third quarter of this year. We will continue to maximize profitability while securing stable revenues by taking flexible product and supply strategies in line with market demand".