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Intel Corp (NASDAQ:INTC) disclosed in a regulatory filing that it expects revenue for the second quarter of 2024 to remain in the original range of $12.5 billion to $13.5 billion but below the midpoint. The analyst view stands at $13.031 billion.
The move reflects the U.S. Department of Commerce revoking certain licenses for exports of consumer-related items to a customer in China.
Related: Biden Administration Tightens Grip On China’s Huawei, Revokes Key Export Licenses From US Chipmakers
For full year 2024, the company continues to expect revenue and earnings per share to grow year-over-year compared to 2023.
Following the ban, the U.S. revoked licenses allowing Huawei to purchase semiconductors from Intel and Qualcomm Inc (NASDAQ:QCOM), tightening export restrictions. Although the impact on chip sales volume might not be significant, it underscores the U.S. government’s commitment to limiting China’s access to semiconductor technology, reported Bloomberg.
The U.S. is contemplating sanctions against six Chinese firms suspected of supplying chips to Huawei, which has been under U.S. trade restrictions since 2019.
INTC’s stock decline was mirrored by Qualcomm, Advanced Micro Devices Inc (NASDAQ:AMD), and Nvidia Corp (NASDAQ:NVDA).
This regulatory crackdown follows persistent concerns voiced by U.S. national security officials regarding Huawei’s involvement in facilitating cyber espionage activities, allegations that Huawei consistently denies.
The decision to revoke these licenses reflects broader U.S. anxieties about Huawei's capabilities in developing advanced technological components, despite previous restrictions.
Intel stock has lost over 3% in the last 12 months. Investors can gain access to the stock via First Trust Nasdaq Semiconductor ETF (NASDAQ:FTXL) and Strive U.S. Semiconductor ETF (NYSE:SHOC).
Price Action: INTC shares are trading lower by 2.87% at $29.80 at the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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