Semiconductor Company IQE Revises its 2019 Revenue Forecast on Account of Huawei Ban
Arslan Butt • 1 min read
Semiconductor company IQE Plc has cautioned that its revenue for 2019 is set to decline over US government’s decision to add Huawei to a trade blacklist. IQE has revised its 2019 revenue forecast from around 175 million pounds to anywhere between 140 and 160 million pounds.
A few days ago, Huawei had also revised its estimated losses on account of the US ban. IQE has confirmed that the ban is set to have a larger than expected impact on risks related to Huawei, because of secondary risks to supply chains and other related businesses.
According to IQE’s CEO Drew Nelson, “It is now clear that the impact of Huawei’s addition to the U.S. Bureau of Industry and Security’s Entity List is having far-reaching and long-lasting impacts on global supply chains.”
In May, the company had estimated that less than five percent of its 2019 revenue would be impacted by the Huawei ban.