Micron Technology Inc. has not yet obtained new licenses needed to sell its memory chips to China's Huawei Technologies Co. Ltd., which will cut its sales over the next two quarters, company executives said on Tuesday.

Boise, Idaho-based Micron, one of the world's biggest makers of DRAM chips, said it had previously obtained licenses from the U.S. government to sell chips for mobile phones and servers from its factories outside the United States to Huawei, which has been the target of U.S. restrictions on chip sales since last year.

Huawei accounted for about 600 milliondollars of Micron's 6.06 billion dollars in sales for the fiscal fourth quarter ended September 3, or just under 10 percent.

But a new round of restrictions that took effect in September barred sales of any chip made using U.S. tools or software, which rendered Micron's earlier licenses invalid and halted its sales on September 14.

"The manufacturing equipment in those fabs are obviously from U.S.-based companies," Micron's chief business officer, Sumit Sadana, told Reuters in an interview. These included Applied Materials Inc. and Lam Research Corp.

Sadana said Micron has applied to the U.S. government for new licenses to sell to Huawei but does not yet have them and does not know if or when they will be approved. The company is shifting to selling to other smartphone customers but the shift will take until Micron's fiscal second quarter to complete.

"As soon as we get the license, we would work with Huawei to determine how we can resurrect the business," Sadana said.

Micron shares, which were volatile in extended trading, were down 2 percent at 49.84 dollars after the company disclosed the Huawei hit.

Revenue jumped over 24 percent to 6.06 billion dollars in the fiscal fourth quarter, beating analysts' estimate of 5.89 billion dollars, according to IBES data from Refinitiv.

The company expects fiscal first-quarter sales to be 5.2 billion dollars, plus or minus 200 million dollars, while analysts on average were expecting 5.31 billion dollars.

Net income attributable to the company rose to 988 million dollars, or 87 cents per share, in the last quarter, from 561 million dollars, or 49 cents per share, a year earlier.

Excluding items, Micron earned 1.08 dollars per share, beating analysts' estimates of 99 cents.