Seoul:<Text>

SK hynix Inc. announced on Thursday that its revenue and profits for the first quarter reached unprecedented levels, fueled by a strong demand for high bandwidth memory (HBM) and other memory segments.

According to Yonhap News Agency, the company reported a net profit of 40.34 trillion won (US$27.3 billion) for the January-March period, marking a significant increase of 397.6 percent from the previous year. The company's operating income also experienced a substantial rise, soaring 405.5 percent year-over-year to reach 37.61 trillion won. Meanwhile, sales climbed 198.1 percent to total 52.57 trillion won.

These earnings surpassed market expectations, as analysts had predicted a net profit of approximately 31.95 trillion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency. SK hynix credited this remarkable growth to the rising global prices of dynamic random access memory (DRAM) and the strong demand f or high-end products in the AI server industry.