Intel shares are trading lower after the company said it expects Q2 revenue to be below its original midpoint amid the US Department of Commerce revoking certain licenses to China customers.
Portfolio Pulse from Benzinga Newsdesk
Intel shares are trading lower following the company's announcement that it expects Q2 revenue to fall below its original midpoint. This is due to the US Department of Commerce revoking certain licenses for China customers, impacting Intel's business operations and revenue expectations.
May 08, 2024 | 1:53 pm
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Intel anticipates a decrease in Q2 revenue below its initial projections, attributed to the US Department of Commerce's decision to revoke licenses for China customers, directly affecting its sales and market performance.
Intel's revenue forecast has been directly impacted by regulatory actions, specifically the revocation of licenses to sell to certain customers in China by the US Department of Commerce. This development is likely to negatively affect Intel's sales and profitability in the short term, leading to a decrease in stock price as market participants adjust their expectations.
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