Nvidia supplier SK Hynix makes back losses in the first quarter on demand for AI

SK Hynix Inc. signage at the company’s office in Seongnam, South Korea, on Monday, April 22, 2024. SK Hynix is ​​expected to announce earnings results on April 25. Photographer: SeongJoon Cho/Bloomberg via Getty Images

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South Korean memory chip maker SK Hynix on Thursday reported a net profit of 1.92 trillion South Korean won ($1.39 billion) in the first quarter, reversing a loss of 2.58 trillion won in the same period a year ago.

This was the first positive income since the third quarter of 2022, LSEG data showed. SK Hynix posted a net loss for five consecutive quarters due to a slump in the memory chip market.

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