SK Hynix Q3 profit beats estimates on AI memory demand

Revenue compared with 98.34 trillion won expected in LSEG SmartEstimates, which are weighted toward forecasts from analysts who are more consistently accurate. Operating profit compared with 76.72 trillion won expected.

Revenue rose 327.9% from a year earlier, while operating profit climbed 632.1%. Compared with the previous quarter, revenue climbed 31.9%, while operating profit surged 37.6%.

SK Hynix is a key supplier of high-bandwidth memory, or HBM, chips to Nvidia. The company has emerged as one of the biggest beneficiaries of the global AI infrastructure buildout, as technology companies ramp up spending on data centers and advanced processors.

In August, SK Hynix announced plans to repurchase and cancel 40 trillion won worth of its own shares, while raising its shareholder return target to more than 50% of cumulative free cash flow generated between 2025 and 2027.

Last week, SK Hynix announced that its U.S. subsidiary Solidigm would halt its review of potential pre-IPO fundraising and IPO options, citing market volatility and share price trends. The company said it would continue to assess investment timing, scale and financing options to support Solidigm's growth and enhance shareholder value.