SKT's Q3 operating profit reached KRW 498 billion, up 7% year-over-year.

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SKT's Q3 operating profit reached KRW 498 billion, up 7% year-over-year.

Published2023.11.08 11:23

SKT's Q3 2023 Business Performance (Unit: KRW 100 million, %, based on consolidated financial statements)

Sales of KRW 4.4026 trillion and net profit of KRW 308.2 billion, driving enterprise growth.
Data center and cloud revenues grew rapidly, up 33% and 39%, respectively.

SK Telecom (CEO Yoo Young-sang) announced that its sales and operating profit increased by 1.4% and 7.0% year-on-year, respectively, in the third quarter of 2023, driven by its solid competitiveness in the telecommunications market and growth in its enterprise business.

SKT announced its business performance for the third quarter of 2023 through a public disclosure on the 8th.

Based on consolidated financial statements, sales increased 1.4% year-over-year to KRW 4.4026 trillion, operating profit increased 7.0% year-over-year to KRW 498 billion, and net income for the period increased 25.5% year-over-year to KRW 308.2 billion.

Based on separate financial statements, sales for the third quarter of 2023 were KRW 3.1484 trillion, operating profit was KRW 407.1 billion, and net profit was KRW 250.4 billion.

SK Broadband (SKB) reported sales of KRW 1.0692 trillion, a 2.4% increase year-over-year. Operating profit also rose 4.4% year-over-year to KRW 83.2 billion.

SKT continued to grow across its key businesses in the third quarter of this year. It maintained a strong competitive edge in the telecommunications market, and its enterprise business drove growth. In particular, data center and cloud business sales continued to grow rapidly, increasing by 32.5% and 38.7%, respectively, year-on-year.

SK Telecom, which declared itself a "global AI company" last September, announced its "AI pyramid strategy" and set a goal of innovating all aspects of industry and life, focusing on three areas: AI infrastructure, AIX, and AI services.

In particular, we are securing capabilities in AI infrastructure, including data sensors, AI semiconductors, and multi-LLM. In the data center business, SKT has seen an increase in new data center utilization and an increase in cloud orders.

Additionally, Sapion, an AI semiconductor company that launched as an independent corporation, is preparing to launch its next-generation inference AI chip, the X330. It is expected to deliver approximately twice the computational performance and 1.3 times the power efficiency of competitors.

SKT CFO Kim Jin-won stated, “We will strive to ensure that SKT’s growth as a global AI company through the AI pyramid strategy leads to maximizing corporate and shareholder value.”

#SKT

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