South Korea’s SK Hynix on Thursday topped quarterly revenue and operating profit estimates, with demand for its high bandwidth memory offerings used in generative AI chipsets remaining robust.

Here are SK Hynix’s first-quarter results versus LSEG SmartEstimates:

• Revenue: 17.64 trillion won ($12.36 billion) vs. 17.26 trillion won
• Operating profit: 7.44 trillion won vs. 6.62 trillion won

Revenue rose about 42% in the March quarter compared with the same period a year earlier, while operating profit surged 158%, year on year.

On a quarter-on-quarter basis, revenue dropped 11%, while operating profit fell 8% from a record high in the December quarter.

In its earnings release, SK Hynix said that its profits demonstrated AI’s impact in the memory market as well as company’s leading position.

SK Hynix has benefitted from a boom in artificial intelligence servers as a key supplier of dynamic random access memory — a type of semiconductor memory used to store data and program code that can be found in PCs, workstations and servers.

SK Hynix has been a leader in HBM as a key supplier to clients such as the U.S. AI darling Nvidia. Micron Technology and Samsung Electronics are the other players in the space.

A report from Counterpoint Research earlier this month said that SK Hynix had seized 70% of the HBM market by revenue share.

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