S. Korea's SK hynix sees operating profit almost triple in Q3
Source: Xinhua | 2020-11-05
South Korea's tech giant SK hynix saw its operating profit almost triple in the third quarter thanks to solid demand for semiconductors, caused by the prolonged COVID-19 pandemic, regulatory filing showed Wednesday.
Operating profit amounted to 1.3 trillion won (1.1 billion U.S. dollars) in the July-September quarter, nearly tripling 472.6 billion won (415.6 million U.S. dollars) tallied in the same quarter of last year.
Revenue jumped 18.9 percent over the year to 8.13 trillion won (7.2 billion U.S. dollars) in the third quarter, and net income more than doubled to 1.08 trillion won (950 million U.S. dollars).
Demand for chips increased as the continued COVID-19 pandemic encouraged people to work at home and attend online classes, leading to higher demand for electronic devices.
Mobile demand expanded in the third quarter, but demand weakened for chips used in servers and solid state drive (SSD).
In addition, lower memory chip price contributed to falls of 6 percent in revenue and 33 percent in operating profit compared to the previous quarter.
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