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Coronavirus Hits Apple’s Revenue Forecast, iPhone Supplies Hit

Image : Representational Purpose Only
Image : Representational Purpose Only

Apple is to miss its revenue forecast for the March quarter due to the coronavirus epidemic, the US tech giant said , warning that iPhone supplies worldwide would also be impacted, underlining the economic cost of the health crisis.

In a report by AFP, The COVID-19 virus death toll now exceeds 1,800 in China, where it has infected more than 72,000 after emerging in the central province of Hubei in December.

The virus has sparked global economic jitters, travel bans and the cancellation of high-profile sporting and cultural events.

“We are experiencing a slower return to normal conditions than we had anticipated,” Apple said in a statement.

“As a result, we do not expect to meet the revenue guidance we provided for the March quarter.” Apple had forecast revenue of 63 billion to 67 billion for the second quarter to March.

It said that worldwide iPhone supply would be “temporarily constrained” as its manufacturing partners in China were only slowly ramping up work after being closed due to the virus.

Consumer demand in the crucial Chinese market has also been dampened after all Apple stores were shut.

“Stores that are (now) open have been operating at reduced hours and with very low customer traffic,” the company said.

“We are gradually reopening our retail stores and will continue to do so as steadily and safely as we can.”

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