Micron forecast shy of estimates as Huawei ban bites

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By Akanksha Rana and Stephen Nellis
(Reuters) - Micron Technology Inc <MU.O> on Tuesday forecast fiscal first-quarter revenue to be slightly below Wall Street estimates, in part because of a U.S. government ban on shipments of memory chips to Huawei Technologies Co Ltd.
Micron shares, which were volatile in extended trading, were down 2% at $49.84 after the company disclosed the Huawei hit.
Micron said Huawei accounted for roughly 10% of its revenue in the fiscal fourth quarter, which ended on Sept. 3. Chief Executive Sanjay Mehrotra said on a conference call with investors that the company was unable to shift those chips to other customers because it had only one month of notice before halting shipments to Huawei on Sept. 14.
Mehrotra said that the Huawei restrictions would negatively impact it fiscal ...


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