By Kwanwoo Jun
SK Hynix’s third-quarter net loss narrowed from the previous quarter, with its DRAM business turning around after two consecutive quarters of losses.
Net loss for the quarter ended in September was 2.185 trillion won ($1.62 billion), compared with a loss of KRW2.988 trillion in the prior quarter and a profit of KRW1.108 trillion a year earlier, the Korean memory-chip maker said Thursday.
Revenue during the quarter fell 18% from a year earlier but rose 24% from the previous quarter to KRW9.066 trillion, with operating losses coming in at KRW1.792 trillion, the company said.
Though the net loss was wider than a FactSet-compiled market consensus forecast, the results signaled that the company’s recovery remains on track.
The company said that its DRAM business snapped a two-quarter losing streak thanks to brisk sales of premium products, such as high-bandwidth-memory3 and double data rate5 chips for artificial-intelligence applications and high-end mobile handsets.
Shipments of DRAM chips increased 20% and their average selling price rose 10% in the third quarter compared with the prior quarter, it said.
The company said it expects its DRAM business to continue to improve on the back of the AI boom, industry-wide production cuts to address a supply glut and restocking demand from clients.
Write to Kwanwoo Jun at [email protected]
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