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Memory chip maker Micron Technology warns of bigger revenue hit from China ban

News Snapshot:

Memory chip maker Micron Technology MU-Q on Friday warned of a bigger hit to global revenue from a Chinese ban on sale of its chips to key domestic industries, sending the company’s shares down more than 2 per cent in early trading. Micron said the move had put at risk about half of its revenue from China-headquartered companies, which equates to a low-double-digit percentage of its total revenue. The company had previously forecast a hit in the low-single to high-single digit percentage. China’s cyberspace regulator in May said that Micron, the biggest U.S. memory chip maker, had failed its network…

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