By Kwanwoo Jun

SK Hynix Inc.'s third-quarter net profit doubled from a year earlier, as a recovery in demand for memory chips used in smartphones offset sluggish demand for chips used in data servers.

Net profit for the quarter ended Sep. 30 was 1.078 trillion Korean won ($952.8 million) compared with net profit of KRW495.48 billion a year earlier, the South Korean memory-chip maker said Wednesday. That beat a FactSet consensus forecast for net profit of KRW942.50 billion.

Revenue rose 19% to KRW8.129 trillion, while operating profit nearly tripled to KRW1.300 trillion.

The company said it expects demand for memory chips for mobile handsets and personal computers to remain strong in the fourth quarter.

SK Hynix shares rose 0.7% after the earnings report.

Write to Kwanwoo Jun at kwanwoo.jun@wsj.com

(END) Dow Jones Newswires

11-03-20 1937ET