Every dollar of CPU sales that offsets a dollar of flash sales represents incremental profit, because flash profits have a minority interest component that does not appear at the top line.
Yeap. CPU group gross margin is running close to 60%, and Flash is more like 30% because of the minority interest. So there could be a huge swing in profit depending on the magnitude of the revenue swap between divisions. This is why I am looking for at least $.15/share today on flat revenue.
Every $100M flash is down reduces profit by about $30M, but every $100M increase in CPU group revenue increases profit by about $60M, netting $30M. I expect the revenue swap this quarter will be roughly $100M.
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