[Market Focus] SK Hynix Rises 3.72% on Record-High Quarterly Earnings

SK Hynix shares are on the rise after the company reported its highest-ever quarterly results. The increase in sales of high-value products, specifically the fifth-generation high-bandwidth memory (HBM3E) with 12 layers, drove the earnings growth.

As of 9:28 a.m. on July 24, SK Hynix was trading at 279,000 won, up 10,000 won (3.72%) from the previous trading day.

On this day, SK Hynix announced in a regulatory filing that its consolidated operating profit for the second quarter of this year was provisionally tallied at 9.2129 trillion won, a 68.5% increase compared to the same period last year. Revenue rose by 35.4% to 22.232 trillion won, and net profit increased by 69.8% to 6.9962 trillion won. Both revenue and operating profit marked all-time highs for a single quarter.

SK Hynix explained, "Global big tech companies have been actively investing in artificial intelligence (AI), which has led to a steady increase in demand for AI memory," adding, "Both DRAM and NAND flash shipments exceeded expectations, resulting in record-breaking performance."

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