Net income was ₩1.9 trillion, up a rather impressive 324 per cent year-on-year and, after that, an uninspiring 17 per cent on the quarter.

There were supply constraints attributed to low inventory at the start of the year and limited supply growth, which caused the total bits shipped to fall.

In the earnings call, Kim Jun-Ho, SK Hynix president and head of corporate support, said: "There was a particularly strong demand for server DRAM as the cloud computing market began to take off."

Stifel analyst and MD Aaron Rakers said there were also lessening declines in the PC market.

SK Hynix expects continuing shortages of DRAM throughout the year with demand growth of around 20 per cent.

Kim Jun-Ho said: "Demand was driven by growth in NAND contents in Chinese smartphones as well as the growth in the SSD adoption in PCs."

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