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News - Paul Lipscombe
February 18, 2020
Apple is the first US company to announce they would take a hit because of the outbreak
Apple has warned investors that disruption caused by coronavirus will see the company miss its revenue target.
Most Apple products are manufactured in China and the tech giants are the first major US company to announce that they would take a hit because of the virus.
Apple had forecasted record revenue of up to $67bn in the current quarter but because of the “temporarily constrained” supply of iPhones, the company announced it would fall short of this target.
The company said: “Work is starting to resume around the country, but we are experiencing a slower return to normal conditions than we had anticipated.”
“As a result, we do not expect to meet the revenue guidance we provided for the March quarter.”
The teach giant also announced that most of their factories outside of the Hubei province had been reopened but said “iPhone supply shortages will temporarily affect revenues worldwide”.
Apple says the situation is evolving and would provide more updates on its nect earnings call in April.
