LONDON — British fintech firm Revolut on Thursday announced it topped $1 billion in annual profit for the first time, a major milestone for the company as it readies the launch of its U.K. bank later this year.

Revolut, which offers a range of banking and financial services via an app, said that net profit for the year ending Dec. 31, 2024, totaled £1.1 billion ($1.5 billion), up 149% year over year. Revenues at the company increased 72% year on year to £3.1 billion, driven by growth across different revenue streams.

Revolut’s wealth unit — which includes its stock-trading business — saw outsized growth, with revenue surging 298% to £506 million, while subscriptions turnover jumped 74% to £423 million.

Revolut also saw significant growth in its loan book, which grew 86% to £979 million. Coupled with a jump in customer deposits, this contributed to a 58% increase in interest income, which totaled £790 million.

The restricted license means that Revolut is now in the “mobilization” stage, where it is focusing on building out its banking operations and infrastructure in the run-up to a full launch. The period typically lasts about 12 months.

Revolut is still awaiting approval from regulators to transfer all 11 million of its U.K. users to a new banking entity this summer. Once fully up and running, the firm will be able to begin offering loans, overdrafts and mortgages, opening up the path to new income streams.

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 artificial intelligence 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.

The company warned that macroeconomic uncertainties including tariff policy have created demand volatility that will impact the second half of the year.

SK Hynix is a leading supplier of dynamic random access memory — a type of semiconductor memory found in PCs, workstations and servers that is used to store data and program code.

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

The memory chipmaker expects Big Tech’s spending on AI to continue, with the ecosystem’s expansion to be driven by open-source AI model offerings, and “sovereign AI projects” that will stoke memory demand.

SK Hynix has benefitted from a boom in artificial intelligence servers as a key supplier of high bandwidth memory, or HBM — a type of DRAM used in artificial intelligence servers — 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 captured 70% of the HBM market by revenue share in the first quarter.

This HBM dominance helped it overtake Samsung in the overall DRAM market for the first time ever, with a 36% global market share as compared to Samsung’s 34%, the report added.

The $TRUMP meme coin jumped more than 50% on Wednesday after the top 220 holders of the token were promised dinner with the president.

“Have Dinner in Washington, D.C. With President Trump,” reads a message on the front page of the Trump coin’s website. The dinner — black tie optional — is scheduled for May 22, with a reception for the top 25 wallets. A “VIP White House Tour” will take place the following day, the site says.

The price spike gives the $TRUMP coins in circulation a total value of $2.7 billion. It had by far the biggest move of any cryptocurrency, outpacing Sui, which is up 23%, according to CoinMarketCap.

The Trump coin debuted in January, just ahead of the inauguration, offering an early indication of the president’s willingness to embrace crypto and the wealth creation it offers him and his family. The project’s market cap soared to $15 billion almost instantly, fueled by Trump’s posts on Truth Social and X declaring, “It’s time to celebrate everything we stand for: WINNING!” Within days it had lost most of its value.

First Lady Melania Trump launched her own coin — $MELANIA — as well. It briefly topped $2 billion in market value before crashing alongside $TRUMP.

Shortly after the launch of the $TRUMP and $MELANIA coins, the SEC issued guidance stating that meme tokens don’t qualify as securities, effectively shielding the projects from immediate regulatory scrutiny.

So far, just 20% of $TRUMP’s supply has been available to trade. The remaining 80% — held by insiders — remains locked under a three-year vesting schedule. The first tranche is scheduled to unlock soon, freeing up millions of dollars worth of tokens for sale and potentially allowing President Trump and project insiders to cash in on Wednesday’s pop.

As with most meme coins, there is no underlying product or service. The project’s website claims that 80% of the token supply is held by the Trump Organization and affiliated entities.

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