Nvidia supplier SK Hynix posts record quarterly profit, meets forecasts

SEOUL (Reuters) -South Korea's SK Hynix posted on Wednesday a record quarterly profit, spurred by an artificial intelligence boom that has driven up demand for both advanced chips and conventional products. The Nvidia supplier reported an 11.4 trillion won ($8.02 billion) operating profit for the July-September period, up 62% from a year earlier. The figure was in line with an 11.4 trillion won forecast by LSEG SmartEstimate, which is weighted toward analysts who are more consistently accurate. Quarterly revenue for the South Korean firm rose 39% in the third quarter to 24.4 trillion won. SK Hynix said it had completed discussions with key customers regarding high-bandwidth memory (HBM) supply for next year. The company added that it planned to begin shipments of its latest HBM4 products in the fourth quarter after completing development in September and entering mass production. A full-scale sales expansion of HBM4 products is planned for next year, SK Hynix said in a statement. ($1 = 1,421.4800 won) (Reporting by Heekyong Yang, Hyunjoo Jin and Joyce Lee; Editing by Leslie Adler and Jamie Freed)

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