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Intel revenue to suffer on revoked license

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Artificial Intelligence
Artificial Intelligence

Intel said its sales would take a hit on Wednesday after the U.S. revoked some of the chipmaker’s export licenses for China, in a move Beijing complained was going too far in the name of national security.

Intel did not disclose the name of the Chinese customer in its filing, with the Securities and Exchange Commission, but Reuters had reported on Tuesday the U.S. has revoked licenses that allowed companies, including Intel and Qualcomm, to ship chips used for laptops and handsets to sanctioned Chinese telecoms equipment maker Huawei Technologies.

Intel’s shares fell 2% after it said it expects revenue for the second quarter to remain in the range of $12.5 billion to $13.5 billion, but below the midpoint.

Qualcomm also said on Wednesday that one of its export licenses for Huawei had been revoked, and its shares dipped.

The Chinese foreign ministry said in a statement: “China resolutely opposes the United States overstretching the concept of national security and abusing export controls to suppress Chinese companies without justification.”

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