Apple unlikely to meet revenue guidance due to coronavirus impact Follow the latest news on coronavirus with our live blog:
) warned on Monday it was unlikely to meet a sales target set just three weeks ago amid lost production and weakening demand in China from the coronavirus outbreak.
Manufacturing facilities in China that produce Apple’s iPhone and other electronics have begun to reopen, but they are ramping up more slowly than expected, Apple said. That will mean fewer iPhones available for sale around the world, making Apple one of the largest Western firms to be hurt by the outbreak.
“The magnitude of this impact to miss its revenue guidance midway through February is clearly worse than feared,” Wedbush analyst Daniel Ives wrote in a note. “The health and well-being of every person who helps make these products possible is our paramount priority,” Apple Chief Executive Tim Cook said in a statement released by Apple. It will reopen China stores “as steadily and safely as we can,” the company added.
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