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Apple Warns Of Coronavirus Impact On Q2 Revenue

apple 17feb20

Apple Inc. (AAPL) said it doesn't expect to meet its revenue guidance for the second quarter due to lower smartphone demand, and temporary work slowdowns related to coronavirus outbreak in China.

Apple had said last month that it expects revenues to be between $63.0 billion and $67.0 billion for the second-quarter. Analysts polled by Thomson Reuters expect the company to report revenues of $65.26 billion for the quarter. Analysts' estimates typically exclude special items.

The tech giant today said the worldwide iPhone supply shortages due to the disruption in China following the coronavirus outbreak will temporarily affect revenues worldwide.

"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.

Apple temporarily closed all of its stores in China. The company said it is gradually reopening stores, but those locations have been operating at reduced hours and with very low customer traffic.

Apple said, "While our iPhone manufacturing partner sites are located outside the Hubei province — and while all of these facilities have reopened — they are ramping up more slowly than we had anticipated."

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