SEOUL, South Korea (AP) — SK Hynix Inc. says it has swung to a profit in the first quarter from a year earlier thanks to higher chip prices.
The South Korean memory chipmaker said Wednesday its net income reached 178.7 billion won ($159 million) in the January-March period, compared with a net loss of 271.2 billion won a year earlier.
Hynix said it benefited from higher PC chip prices after many other chip suppliers shifted production to mobile chips, limiting supplies. It also sold more chips for PCs and servers.
Sales rose 2 percent to 2.8 trillion won. Operating profit reached 316.9 billion won, compared with 263.5 billion won loss a year earlier.
SK Hynix, which competes with Samsung Electronics Co. and Toshiba Corp., supplies memory chips to Apple Inc., Dell Inc. and others.