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Applied Materials Cuts Forecast Amid China Slowdown and Export-Restrictions

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Applied Materials (AMAT.O) forecasted fourth-quarter revenue and profit below analyst expectations on Thursday, citing weak demand in China and uneven orders from customers impacted by tariff uncertainty. Shares fell nearly 13% in after-hours trading.

The ongoing U.S.-China trade tensions and export restrictions on advanced semiconductor equipment have complicated forecasting, weighing on orders for chipmaking tools suppliers like Applied Materials. China accounted for 35% of Applied’s total sales in the July quarter, making it a critical market.

CFO Brice Hill said the company expects a revenue decline in the fourth quarter due to both the absorption of recently added capacity in China and non-linear demand from leading-edge customers. Tightened export controls prevent sales of the most advanced chipmaking equipment to Chinese clients. Meanwhile, Chinese chipmakers are pausing new orders for older-generation chips used in automotive, industrial, and consumer electronics.

Applied projected fourth-quarter revenue of $6.70 billion, plus or minus $500 million, below the $7.33 billion analysts had anticipated. Adjusted profit per share is expected at $2.11, compared with estimates of $2.39. The forecast assumes no approvals for pending U.S. export license applications.

The company’s third-quarter results exceeded expectations, with revenue up 8% to $7.30 billion and adjusted earnings per share at $2.48, above analyst estimates of $2.36.

Shein’s UK Sales Surge to $2.8 Billion in 2024

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Shein’s British business generated £2.05 billion ($2.77 billion) in sales in 2024, marking a 32.3% increase from 2023, according to a recent filing. The UK represents Shein’s third-largest market after the United States and Germany as the fast-fashion e-commerce giant prepares for an initial public offering in Hong Kong.

Shein Distribution UK Ltd reported a pretax profit of £38.25 million in 2024, up 56.6% from £24.4 million the previous year. The filing highlighted milestones including a pop-up shop in Liverpool, a Christmas bus tour across 12 UK cities, and the opening of two new offices in Kings Cross and Manchester.

The retailer is known for low prices, constant promotions, and rewards programs that encourage repeat purchases. Shein has captured market share from competitors such as ASOS (ASOS.L) and H&M (HMb.ST), especially as rising inflation has pushed consumers toward bargain hunting. Its UK site offers items ranging from £7.99 ($10.84) dresses and £15 ($20.36) jeans to toys, craft supplies, and storage products.

Shein has benefited from customs duty exemptions on low-value e-commerce shipments, allowing goods to be shipped directly from Chinese factories largely tariff-free. However, these exemptions are being phased out, raising costs and prices, particularly in the U.S. The Trump administration eliminated the “de minimis” exemption for parcels under $800, and the EU plans to remove its duty waiver for parcels under €150. The UK is also reviewing its policy on low-value imports amid complaints that it favors online retailers like Shein and Temu.

Countries That Have Blocked or Restricted WhatsApp

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WhatsApp has faced restrictions in several countries, ranging from complete bans to partial or temporary limitations.

Fully Blocked:

  • China: Blocking started in 2017 via the Great Firewall. Users rely on WeChat instead.

  • North Korea: WhatsApp is generally inaccessible alongside Facebook, YouTube, Twitter, and other platforms since 2016.

Partial Block / VoIP Restrictions:

  • Russia: Began restricting some WhatsApp calls in 2025 due to Meta’s failure to share information in fraud and terrorism cases.

  • United Arab Emirates (UAE): VoIP services were banned in 2017, though text messaging remains functional. Calls were temporarily allowed during Expo Dubai in 2020.

  • Qatar: VoIP calls restricted; messaging works normally.

  • Egypt: No full ban on calls, but authorities have attempted to throttle them.

  • Jordan: VoIP call restrictions in place.

Intermittent or Temporary Bans:

  • Iran: Previously banned, lifted restrictions last year as part of broader internet policy changes.

  • Turkey: No current ban, but WhatsApp has been blocked in the past over domestic issues.

  • Uganda: Banned WhatsApp in 2021 as retaliation for Facebook restrictions, now lifted.

  • Cuba: Temporarily restricted social media and messaging platforms, including WhatsApp, in 2021.

  • United States: WhatsApp is banned on all U.S. House of Representatives devices as of June 2025.

These restrictions vary widely, often targeting VoIP calls rather than text messaging, and can be temporary or intermittent depending on local regulations.