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The South Korean chipmaker, which listed apple (AAPL. O) as one of its customers, reported a 41% drop in quarterly profits, but much more than expected, as the coronavirus driven shift from work to home work partially offset demand for servers. The smartphone business is weak.
Sk Hynix reported operating profit of KRW 800 billion (US $649 million) in January March, higher than KRW 447 billion of refinitiv smartestimate, but still far lower than KRW 1.4 trillion in the same period last year.
"There is a lot of uncertainty about the supply and price outlook for servers in the second half of the year," Cha Jin Seok, chief financial officer of SK Hynix, said in a conference call
Although the global smartphone market is expected to decline sharply this year compared with last year, the chipmaker said demand for servers and PCs is optimistic as more and more people are at home, stimulating demand for online education, video streaming and e-commerce.
"The biggest factor in our demand forecast is the stability of covid-19 and the timing of recovery of global economic activity. If the recession continues, we can't rule out a slowdown in server memory demand.

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