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SK hynix Announces 3Q24 Financial Results

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Revenues at 17.5731 trillion won, operating profit at 7.03 trillion won, net profit at 5.7534 trillion won – all reaching new recordsAchieving best-ever quarterly performance with increasing high value-added product sales based on no.1 AI Memory technologyStrong demand of memory for AI servers – HBM’s share of DRAM revenues in Q3 marks 30% and forecast to be 40% in Q4Company to lead the global AI memory market again next year promoting long-term growth by securing both business stability and profitability

SEOUL, South Korea, Oct. 23, 2024 /PRNewswire/ — SK hynix Inc. (or “the company”, www.skhynix.com) announced today that it recorded 17.5731 trillion won in revenues, 7.03 trillion won in operating profit (with an operating margin of 40%), and 5.7534 trillion won in net profit (with a net margin of 33%) in the third quarter this year.

Quarter revenues marked all-time high, exceeding the previous record of 16.4233 trillion won in the second quarter of this year by more than 1 trillion won. Operating profit and net profit also far exceeded the record of 6.4724 trillion won and 4.6922 trillion won in the third quarter of 2018 during the semiconductor super boom.

SK hynix emphasized that the demand for AI memory continued to be strong centered on data center customers, and the company marked its highest revenue since its foundation by expanding sales of premium products such as HBM and eSSD. In particular, HBM sales showed excellent growth, up more than 70% from the previous quarter and more than 330% from the same period last year.

As sales increased mainly on highly profitable premium products, the average selling price (ASP) of both DRAM and NAND rose in the mid 10% range compared to the previous quarter, which made the company mark the highest operating profit.

While the demand of memory for AI servers such as HBM and eSSD has grown noticeably this year, the company predicts that this trend will continue next year. This is because generative AI is developing into a multi-modal1 form and global big tech companies continue to invest to develop artificial general intelligence (AGI)2.

1Multi-modal: AI service that can understand multiple complex information such as text, photos, voice, video, etc.

2Artificial General Intelligence: Artificial intelligence that implements human-like or higher intelligence with a computer

SK hynix also forecasts that the PC and mobile product markets, which had been slow to recover demand compared to memory for AI servers, will be on a steady growth path as well next year as AI memories optimized for each device are released.

As a result, the company will continue to focus on profitability by increasing sales centered on high value-added products based on its world-leading technology in AI memory.

In the DRAM area, SK hynix is continuing the rapid transition from existing HBM3 to HBM3E 8-layer products. The company also plans to start supplying 12-layer HBM3E products, which were mass-produced last month, in the fourth quarter as scheduled. This makes HBM sales, which accounted for 30% of total DRAM revenues in the third quarter, expected to reach 40% in the fourth quarter.

For NAND, the company plans to expand sales of high-capacity eSSD, which is rapidly increasing market demand, while focusing on investment efficiency and production optimization.

“SK hynix has solidified its position as the world’s No.1 AI memory company by achieving the highest business performance ever in the third quarter of this year.” said Kim Woohyun, Vice President and Chief Financial Officer (CFO) at SK hynix. “We will continue to maximize profitability while securing stable revenues by taking flexible product and supply strategies in line with market demand.”

 3Q24 Financial Results (K-IFRS)

*Unit: Billion KRW

3Q24

QoQ

YoY

2Q24

Change

3Q23

Change

Revenues

17,573.1

16,423.3

7 %

9,066.2

94 %

Operating
Profit

7,030

5,468.5

29 %

-1,792

Turn to profit

Operating
Margin

40 %

33 %

7%p

-20 %

60%p

Net Income

5,753.4

4,120

40 %

-2,184.7

Turn to profit

Financial information of the earnings is based on K-IFRSPlease note that the financial results discussed herein are preliminary and speak only as of October 24, 2024. Readers should not assume that this information remains operative at a later time.

About SK hynix Inc.

SK hynix Inc., headquartered in Korea, is the world’s top tier semiconductor supplier offering Dynamic Random Access Memory chips (“DRAM”), flash memory chips (“NAND flash”) and CMOS Image Sensors (“CIS”) for a wide range of distinguished customers globally. The Company’s shares are traded on the Korea Exchange, and the Global Depository shares are listed on the Luxemburg Stock Exchange. Further information about SK hynix is available at www.skhynix.com, news.skhynix.com.

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SOURCE SK hynix Inc.

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SP Group heads international energy group and hosts CEOs in Singapore at biennial conference

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SINGAPORE, Oct. 24, 2024 /PRNewswire/ — SP Group (SP) welcomed chiefs of international energy organisations in its role as head and host of the Association of the Electricity Supply Industry of East Asia and the Western Pacific (AESIEAP). In the first of its two-year term, SP hosted the AESIEAP CEO Conference this week, attended by over 200 global energy leaders. The event was held in conjunction with Singapore International Energy Week.

Dr Tan See Leng, Minister for Manpower and Second Minister for Trade and Industry, officiated at the opening session of the conference. Themed Empowering the Energy Transition, the conference covers discussions on the significance of regional collaboration, on energy transition, enhancing grid interconnectivity, facilitating and financing large-scale energy imports, and mitigating challenges in the evolving energy ecosystem. This is especially timely with the collective focus on shaping a sustainable and secure energy future.

SP’s Group CEO and President of AESIEAP Mr Stanley Huang, said, “SP Group and fellow AESIEAP members share a common goal of shaping a reliable, sustainable, and secure energy future. The AESIEAP CEO Conference enables insightful dialogue and presents opportunities for facilitating cooperation in the region’s energy transition. SP is committed to fostering initiatives like cross-border grid interconnectivity and energy imports. We look forward to fruitful interactions among member organisations, experts and agencies to spearhead action and create sustainable impact.”

Conference participants also visited the world’s largest underground district cooling network operated by SP at Marina Bay. 

Driving Regional Energy Transition and Collaboration

In a significant stride towards decarbonising the energy sector, SP PowerInterconnect (SPPI), a subsidiary of SP Group, has been established to support Singapore’s energy import initiatives and is the technical and development partner of the Energy Market Authority. This aligns with the nation’s target to import 6 GW of low-carbon electricity by 2035 and contributes to decarbonising the sector, which currently accounts for 40 per cent of the country’s carbon emissions.

Paving the Way for CEPSI 2025

In its two-year AESIEAP leadership tenure, SP will also host the 25th Conference of Electric Power Supply Industry (CEPSI) in Singapore next year. As AESIEAP’s flagship biennial event, CEPSI is expected to attract more than 1,000 delegates, further cementing Singapore’s role as a hub for thought leadership in energy innovation and sustainability and reinforcing SP’s commitment to driving transformative change across the energy landscape.

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SOURCE SP Group

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Meta, Omnichat, and KINTO: A Winning Partnership for WhatsApp Commerce

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SINGAPORE, Oct. 24, 2024 /PRNewswire/ — Omnichat, a leading chat commerce platform, recently hosted an informative Leadership Forum titled “Chat to Checkout: Boosting Sales & Loyalty with WhatsApp.” Industry leaders from Meta, the social media giant, and KINTO, Toyota’s forward-thinking mobility service provider, discussed the transformative power of conversational commerce and its potential to elevate brand visibility in competitive landscapes.

Omnichat, a Meta WhatsApp Business Solution Provider, highlighted the unique features of its WhatsApp commerce solution that can revolutionise business operations. By leveraging Messenger and WhatsApp, businesses can enhance customer funnels, streamline store management, and boost sales. Omnichat’s solution transforms customer journeys, from initial inquiries to order fulfilment, creating a seamless and engaging experience.

Alan Chan, CEO and Founder of Omnichat, said, “KINTO’s experience exemplifies the transformative power of the WhatsApp Business Platform. By leveraging Omnichat’s platform, KINTO has streamlined customer interactions, reduced costs, and improved customer retention. This success story highlights the immense potential of the WhatsApp Business Platform for businesses across the region.”

According to Business Messaging Usage Research, at least one in three APAC consumers chats with a business once a week. This indicates the next era of customer engagement, where consumers expect to communicate with brands using their favourite messaging apps.

Vicky Yiu, APAC Strategic Partnership Manager of META, said, “A recent study revealed that 50% of APAC customers prioritise customer experience over other factors. Businesses across the SEA region are increasingly adopting business messaging platforms like WhatsApp to engage customers in meaningful conversations. This shift is not just about communication; it’s about creating a customer-centric business model that leverages the immediacy and intimacy of messaging to drive engagement and loyalty.”

“Meta’s Business Messaging tools have enabled business owners to seamlessly distribute offers and exclusive promotions, enhancing conversion rates and strengthening customer relationships. This approach supports direct engagement and amplifies the overall customer experience, making it a valuable component of any modern tech stack.”

Recognising the immense potential of conversational commerce, KINTO seamlessly integrated Omnichat’s WhatsApp commerce solution. This implementation allows KINTO to cater to all customer needs and deliver exceptional customer experiences.

Omnichat’s “Chat to order” functionality revolutionised the car rental booking process for KINTO customers. By seamlessly enabling customers to place orders and specify their preferences directly through WhatsApp, KINTO streamlined operations and reduced the burden on its customer service team. This frictionless booking experience not only enhanced customer satisfaction but also contributed to increased sales and revenue.

Omnichat’s marketing features proved to be a goldmine for KINTO’s customer data. KINTO gained invaluable insights into customer preferences, behaviours, and demographics by meticulously capturing and analysing customer information. This data-driven approach enabled KINTO to develop highly targeted marketing campaigns that resonated with specific customer segments. As a result, the company experienced a significant increase in conversion rates and overall return on investment.

Evert Ong, KINTO’s Chief Operating Officer, shared, “When KINTO launched the daily rental service, we realised we needed a more effective way to engage with our customers. By leveraging WhatsApp, we explored various capabilities for engagement and productivity improvement. Our response time to inquiries has improved significantly, leading to better customer retention.”

“The Omnichat team has been exceptionally supportive throughout this process. From pre-sales to implementation and ongoing enhancements, they have consistently demonstrated a deep understanding of our business and have responded promptly,”

Omnichat is unwavering in its commitment to unlocking the full potential of conversational commerce for businesses. It does so through its comprehensive chat commerce solutions across WhatsApp Business Platform, Facebook Messenger, and Instagram, providing businesses with the tools they need to succeed in the digital age.

About KINTO

KINTO, powered by Toyota Financial Services Singapore, redefines car rentals with a focus on convenience and customer satisfaction. KINTO offers a delightful car rental experience that sets new quality standards. More than just car rentals, KINTO prioritises its customers. Learn more at https://one.kinto-sg.com/ and discover a hassle-free way to get behind the wheel.

About Omnichat

Omnichat is a highly regarded chat commerce integration platform that operates in the Asia-Pacific region. It has established itself as a leader in facilitating conversational commerce. With a trusted user base of over 5,000 companies, Omnichat enables businesses to engage with customers seamlessly through various communication channels. Its primary focus is to drive sales and foster stronger relationships between companies and their customers. Learn more at: https://www.omnichat.ai/sg.

Website: https://www.omnichat.ai/sg
WhatsApp: https://wa.me/6586288791/?text=EnquiryForWhatsApp
LinkedIn: https://www.linkedin.com/company/omnichat-easychat/
Facebook: https://www.facebook.com/OmnichatAI

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SOURCE Omnichat Limited

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NetEase Cloud Music Acquires Exclusive 30-Day Premiere for Kakao Entertainment’s Latest K-POP Hits in China

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HANGZHOU, China, Oct. 23, 2024 /PRNewswire/ — NetEase Cloud Music, a leading online music platform in China, has joined forces with Kakao Entertainment, a prominent South Korean entertainment company, to premiere new K-POP songs in China. Starting October 24, 2024, NetEase Cloud Music will exclusively feature Kakao Entertainment’s latest music releases for the first 30 days concurrent with their global launch.

Kakao Entertainment boasts a broad portfolio that spans music, online fiction and comics, film, and media. The company’s music division features an expansive library with over tens of thousands of tracks from hundreds of renowned artists. By leveraging its global music distribution network, Kakao Entertainment is rapidly expanding its international footprint. The line-up includes top artists like IU, Jay Park, Kiss of Life, Lee Yong Ji, N.Flying, STAYC, The BOYZ, as well as original soundtracks such as “My Destiny” from My Love from the Star and “That Woman” from Secret Garden.

In May 2024, the two companies formed a business partnership, making Kakao’s entire music catalog available on the NetEase Cloud Music platform. This new collaboration deepens their cooperation, providing Chinese listeners instant access to the latest tracks from Kakao Entertainment’s artists. The arrangement allows NetEase fans to enjoy the newest and most innovative K-POP content ahead of those on other platforms.

As a preferred online music platform in China, NetEase Cloud Music resonates strongly the younger generation. Through previous collaborations, NetEase Cloud Music has effectively broadened the audience for Kakao Entertainment’s artists by utilizing its strong content distribution network and extensive listener base. Several songs by IU have garnered over ten thousand comments on the platform, and Lee Yong Ji’s recent track “Small Girl” (feat. D.O.) has received widespread acclaim, accumulating over 550,000 bookmarks from enthusiastic music fans.

Both companies have high expectations for the strategic partnership. Kakao Entertainment recognizes NetEase Cloud Music’s extensive influence among young Chinese listeners and is confident that the partnership will boost the popularity of K-POP content in China while expanding Kakao’s reach in the market. NetEase Cloud Music, for its part, views Kakao Entertainment as a major force in the Korean entertainment industry, with a substantial collection of premium musical content. This collaboration represents a significant milestone in NetEase Cloud Music’s ongoing endeavors to broaden its content copyright portfolio. The Chines firm anticipates further strengthening of its ties with Kakao Entertainment in the future.

Previously, NetEase Cloud Music established copyright partnerships with prominent Korean music companies, including SM Entertainment, YG Entertainment, JYP, and CJ ENM, consistently delivering quality K-POP content to music fans. Looking ahead, NetEase Cloud Music remains committed to expanding collaborations with global partners in the music copyright, aiming to provide Chinese music lovers with a more comprehensive and superior music content library, along with enhanced listening experiences.

 

View original content:https://www.prnewswire.com/news-releases/netease-cloud-music-acquires-exclusive-30-day-premiere-for-kakao-entertainments-latest-k-pop-hits-in-china-302284396.html

SOURCE NetEase Cloud Music

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