Apple warns of lowered sales due to Coronavirus
February 17th 2020
Our quarterly guidance issued on January 28, 2020 reflected the best information available at the time as well as our best estimates about the pace of return to work following the end of the extended Chinese New Year holiday on February 10. 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 due to two main factors.
Apple cites reduced demand within China and constrained supplies of iPhones. Apple said its working to increase production to full capacity but warns it expected temporary shortages. Within China, the company cites closed retail stores both operated by Apple and other retailers, in addition to reduced customer traffic to stores that are opened.
Apple said it expects to provide an update at its earnings report in April next.