SEOUL (Reuters) – SK Hynix (000660.KS) posted a smaller-than-expected 41% drop in quarterly profit as server demand due to the coronavirus-driven shift to working from home partly offset weak smartphone business, but warned demand for chips will remain volatile.
FILE PHOTO: Employee walks past the logo of SK Hynix at its headquarters in Seongnam, South Korea, April 25, 2016. REUTERS/Kim Hong-Ji/File Photo
The chip industry has been bracing for the fallout from the COVID-19 pandemic as sales of phones for which it provides chips tumble, but has been hoping that solid server demand from data centres would cushion the blow.
South Korea’s SK Hynix, which counts Apple Inc (AAPL.O) and Huawei Technologies [HWT.UL] among its customers, reported an operating profit of 800 billion won ($649 million) in the January to March period, compared with a Refinitiv SmartEstimate of 474 billion won and an operating profit of 1.4 trillion won a year earlier.
First-quarter revenue rose 6% to 7.2…
Source Reuters Tech News
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