News & Events

Apple says will not meet revenue guidance for March quarter due to coronavirus impact – Source Reuters Tech News

FILE PHOTO: The Apple Inc. logo is seen hanging at the entrance to the Apple store on 5th Avenue in Manhattan, New York, U.S., October 16, 2019. REUTERS/Mike Segar/File Photo

(Reuters) – Apple Inc (AAPL.O) said on Monday that it will not meet its revenue guidance for the March quarter due to the coronavirus outbreak affecting both production and demand in China.

The company said that despite the fact that its productions facilities in China have re-opened, they are ramping up slower than expected.

The company had forecast $63 billion to $67 billion in revenue for the quarter ending in March, ahead of estimates of $62.4 billion.

Apple said that supply for its iPhones will be “temporarily constrained” as manufacturing facilities in China are still not operating at full capacity. Sales of iPhones were up for the first time in a year in the December quarter.

It also said that store disruptions have affected its sales in China, with most stores either closed or operating at…

Read More…

Source Reuters Tech News

Source link