SK Hynix reported record financial results for the third quarter of 2024, achieving a revenue of KRW 17.57 trillion (approximately USD 12.7 billion), marking a 94% increase year-over-year. The company's gross margin improved to 52%, up from 46% in the previous quarter, while operating profit reached a record high of KRW 7.03 trillion, exceeding the expected KRW 6.76 trillion. This resulted in an operating margin of 40%, compared to 33% in Q2. Net profit for the quarter was KRW 5.75 trillion, significantly higher than the estimated KRW 5.04 trillion, and up 40% quarter-over-quarter. The demand for High Bandwidth Memory (HBM) products surged, with HBM revenue increasing by 70% quarter-over-quarter and 330% year-over-year, constituting 30% of the company's DRAM revenue in Q3. SK Hynix anticipates that HBM will account for 40% of DRAM revenue in Q4 2024, reflecting strong demand driven by AI applications.