South Korean semiconductor giant SK Hynix has posted an all-time-high profit for the second quarter of 2017 thanks to an unprecedented demand for memory chips.
The company posted 3.057 trillion won ($2.7 billion) in operating profit and 6.69 trillion won in revenue, both the highest to date.
Operating profit rose 24 percent from the previous quarter of 2.47 trillion won, now its second-highest.
SK Hynix said that the results for the quarter were helped by a "friendly market environment" that continued to raise memory chip prices.
DRAM shipments rose 3 percent, while prices increased 11 percent from the previous quarter. Demand for DRAMs in servers is also expected to continue throughout the second half of the year, the firm said.
For NANDs, shipment numbers dropped 6 percent but the average selling price increased a strong 8 percent. SK Hynix said demand is expected to increase again thanks to a new smartphone line-up in the fall.
Demand for high-capacity DRAM and NANDs is increasing due to continued specification upgrades in mobile, as well as demand from servers due to the rise of new businesses in IoT, AI, and the like.
In April, SK Hynix announced the development of the industry's first 72-layer 3D NAND.
The company is also part of the consortium eyeing Toshiba's memory business.
Compatriot Samsung is also expecting record profits in the second quarter, backed by memory chips, which will likely contribute up to 8 trillion won.