South Korea’s SK Hynix saw its fourth-quarter operating profit quadruple year-on-year, helped by strong demand for memory chips from server customers looking to increase their data storage capacity.
The world’s second-largest memory chipmaker, which counts Apple Inc among its customers, said on Friday its operating profit rose to 4.2 trillion won ($3.49 billion) in the October quarter. December, compared to 959 billion won a year earlier.
It was its highest quarterly profit since 2018, beating an average analyst forecast of 4 trillion won, compiled by Refinitiv SmartEstimate.
Fourth-quarter revenue soared 55 percent year-on-year to 12.4 trillion won.
SK Hynix completed the first phase of its acquisition of Intel’s NAND flash memory chip business last month, with its semiconductor drive business to be handled by a new unit called Solidigm.
($1 = 1,203.7700 won) (Reporting by Joyce Lee; Editing by Chris Reese and Diane Craft)