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SK Hynix Q2 profit surges on strong chip demand from devices, servers

SK Hynix posted a 38per cent jump in second-quarter earnings to report its biggest quarterly profit in more than two years, as memory chip demand for PCs and other devices surged rapidly and demand from computer server operators recovered.

FILE PHOTO: Employees walk past the logo of SK Hynix at its headquarters in Seongnam
FILE PHOTO: Employees walk past the logo of SK Hynix at its headquarters in Seongnam, South Korea, April 25, 2016. REUTERS/Kim Hong-Ji/File Photo

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SEOUL: SK Hynix posted a 38per cent jump in second-quarter earnings to report its biggest quarterly profit in more than two years, as memory chip demand for PCs and other devices surged rapidly and demand from computer server operators recovered.

The South Korean company, which is the world's second-biggest memory chipmaker and serves customers including Apple Inc, said on Tuesday that operating profit rose to 2.7 trillion won (US$2.3 billion) in the April-June quarter, up from 1.9 trillion won a year earlier.

It was the company's highest quarterly profit since the fourth quarter of 2018, SK Hynix data showed, and was in line with a Refinitiv Smartestimate of a 2.7 trillion won profit, drawn from 14 analysts. The Smartestimate gives more weight to consistently accurate analysts.

Second quarter revenue rose 20per cent on-year to 10.3 trillion won.

(US$1 = 1,151.7800 won)

(Reporting by Joyce Lee; Editing by Edmund Klamann and Richard Pullin)

Source: Reuters