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Technology Stocks : Intel Corporation (INTC)
INTC 34.49+3.0%3:59 PM EDT

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From: Sr K5/8/2024 10:37:20 PM
   of 186885
 
BUSINESS
TELECOM

Intel Lowers Sales Outlook After China Chip Licenses Revoked

Chip maker says revenue likely below the midpoint of second-quarter range

By
Asa Fitch
Updated May 8, 2024 11:23 am ET

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Intel reaffirms full-year guidance that revenue and profits will grow. PHOTO: DAVID PAUL MORRIS/BLOOMBERG NEWS
Intel INTC -2.22% decrease; red down pointing triangle said its revenue for the current quarter would be lower than previously expected amid new restrictions on sales by chip makers to Huawei Technologies.

The Commerce Department revoked some licenses for exports to the Chinese telecom company, a spokesman said Wednesday, a move The Wall Street Journal reported last year that the Biden administration was considering.

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