(Reuters) – Intel said its sales would take a hit on Wednesday after the United States revoked some of the chipmaker’s export licenses to China, in a move Beijing accused of 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 reported on Tuesday that the United States had revoked licenses that allowed companies including Intel and Qualcomm to ship chips used for laptops and handsets to sanctioned countries. Chinese telecommunications equipment manufacturer Huawei Technologies.
Intel shares fell 2% after it said it expected second-quarter revenue to remain in the range of $12.5 billion to $13.5 billion, but below the midpoint.
Qualcomm also said Wednesday that one of its export licenses for Huawei had been revoked and its shares had fallen.
China’s Foreign Ministry said in a statement: “China resolutely opposes the United States overextending the concept of national security and abusing export controls to suppress Chinese companies without justification.” .
(Reporting by Aditya Soni in Bengaluru and Stephen Nellis in San Francisco; editing by Arun Koyyur and Chizu Nomiyama)
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