BUSINESS

Apple Warns Revenue Miss Due To Effects Of Coronavirus


Apple has on Monday warned that they expect to miss their revenue targets for the second quarter due to the Wuhan coronavirus (COVID-19) outbreak.

“… we are experiencing a slower return to normal conditions than we had anticipated, said the company in a statement. The company said the March quarter would specifically be affected due to two factors.

The first reason is that the “worldwide iPhone supply will be temporarily constrained.” Apple said its manufacturing partners are for the iPhone have all resumed work since they are located outside Hubei. Nonetheless, “they are ramping up more slowly than we had anticipated.” Due to this hiccup, Apple expects that its revenue will be affected across the globe.

The company has also experienced a falling demand for their products – most stores have closed down. Those that are still open have reportedly reduced opening hours and have slow customers walking in every single day.

For other parts of the world, the company still sees strong demand as anticipated.

“Our first priority — now and always — is the health and safety of our employees, supply chain partners, customers and the communities in which we operate. Our profound gratitude is with those on the front lines of confronting this public health emergency,” said the company.

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Alvin Wanjala

Alvin Wanjala has been writing about technology for over 2 years. He writes about different topics in the consumer tech space. He loves streaming music, programming, and gaming during downtimes.

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