Apple Warns of Lower Revenues Due to iPhone Production Delays Caused by Coronavirus

Apple said Monday that it does not expect to meet its second quarterly revenue forecast because of lower iPhone supply globally and lower Chinese demand due to the coronavirus outbreak.

While the initial forecast for the company described net sales between $63 billion to $67 billion in its fiscal second quarter, the company did not provide a new forecast for its fiscal second-quarter revenue. It had earlier said that the large gap of $4 billion was chosen due to the uncertainty around the coronavirus outbreak.

Apple said on Monday it is “experiencing a slower return to normal conditions than we had anticipated” after the extended Lunar New Year holiday. All iPhone manufacturing facilities in China have reopened, but Apple said it still expects supply shortages of the phone globally.

Earlier in January 2019, Apple had also had to cut its predictions regarding their revenues due to concerns over the US-China tariffs war. The company had to slash revenue guidance for its fiscal first quarter of 2019 due to weak iPhone sales in the country as the market was dominated by local brands.

The number of people who have died from novel coronavirus in mainland China has reached 1,868, while 72,436 people have been infected and more than 12,500 have recovered so far, the Chinese state health committee said on Monday.

Sourse: sputniknews.com

Apple Warns of Lower Revenues Due to iPhone Production Delays Caused by Coronavirus

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