Micron Technology Inc said it had resumed some microchip shipments to Huawei Tec...
- Micron Technology Inc said it had resumed some microchip shipments to Huawei Technologies Co Ltd and still expects demand for its chips to recover later this year, sending shares up as much as 10% late on Tuesday.
“However, there is considerable ongoing uncertainty surrounding the Huawei situation, and we are unable to predict the volumes or time periods over which we will be able to ship products to Huawei,” he added. Following the results, shares in Micron rose as much as 10% to $35.95 in after-hours trading on Nasdaq.Mehrotra noted that Huawei was Micron’s No. 1 customer and that the ban cost the company as much as $200 million in missed sales during the third quarter.
The industry association said in a statement: “As we have discussed with the U.S. government, it is now clear some items may be supplied to Huawei consistent with the Entity List and applicable regulations.” Stocks in chipmakers have fallen in recent months as demand for smartphones has declined and prices for DRAM and NAND memory chips sank due to an oversupply, adding to concerns that a two-year-long semiconductor upswing was coming to a halt.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Micron revenue & profit beats, sees signs of improving demandMicron Technology Inc beat analysts' estimates for quarterly revenue and pr...
Read more »
Micron stock surges after hours as earnings top lowered expectationsMicron Technology Inc. shares rise in the extended session Tuesday, after the memory-chip maker’s results topped lowered expectations for the quarter:
Read more »
Huawei: 'No doubt' that we will meet German 5G security standardsHuawei, the Chinese technology and telecoms group hit by U.S. sanctions, said on...
Read more »
Micron pops on earnings and revenue beatMicron beat analyst estimates on earnings and revenue for its fiscal third quarter of 2019.
Read more »
China says FedEx should offer a proper explanation on HuaweiChina's foreign ministry said on Monday that FedEx Corp should offer a prop...
Read more »
FedEx sues US Commerce Department over export restrictions that affect HuaweiUS delivery company FedEx has filed a lawsuit against the US government, arguing that it should not be required to enforce federal government export bans
Read more »