Apple Will Miss Quarterly Revenue Target Due to Coronavirus

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By Bloomberg / Feb 18, 2020 05:43 AM / Business & Tech

Photo: Bloomberg

Apple Inc. doesn’t expect to meet its revenue guidance for the March quarter due to work slowdowns from the outbreak of novel coronavirus in China, the company said Monday.

“Work is starting to resume around the country, but we are experiencing a slower return to normal conditions than we had anticipated,” the company said in a statement. Apple said global iPhone supply will be “temporarily constrained” and that demand for its products in China has been affected by store closures and reduced customer traffic.

The tech giant didn’t provide an updated sales estimate, saying that the situation in China is evolving. Apple had projected record revenue for the current quarter of between $63 billion and $67 billion.

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