Micron said on Thursday that sales to Huawei 'were down meaningfully from the levels we anticipated' before the trade war with China.
Micron said on Thursday that sales to Huawei "were down meaningfully from the levels we anticipated" before the trade war with China.
As long as Huawei is on the so-called Entity List, Micron said its business with the Chinese company could continue to get worse.shares fell about 5% in premarket trading on Friday after the maker of memory and storage products said that the U.S. trade war with China is hurting the company's business with Huawei., meaning American companies could no longer do business with the Chinese manufacturer of communications equipment.
"In the fiscal fourth quarter, sales to Huawei declined sequentially and were down meaningfully from the levels we anticipated prior to the addition of Huawei to the Entity List," Micron CEO Sanjay Mehrotra told investors during the earnings call. "We see ongoing uncertainty surrounding U.S.-China trade negotiations.
Overall, Micron's business is holding up. The company reported fiscal fourth-quarter earnings of 56 cents per share on revenue of $4.87 billion, topping estimates of 49 cents per share for earnings and $4.57 billion for revenue, according to Refinitiv. Its earnings forecast for the first quarter was a bit below estimates, but revenue guidance was better than expected.
Mehrotra said the company has applied with the Department of Commerce for licenses to ship additional products to Huawei "but there have been no decisions on licenses to date."between the Trump Administration and China, in which both sides have levied tariffs on the other's goods.
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