Apple says the coronavirus will cause it to miss its revenue goals.
Apple on Monday warned that it expects to fall short of revenue goals in the current quarter because of the coronavirus outbreak, underscoring the far-reaching effects of the public health crisis on the global economy.
In a statement to investors, Apple said that while factories in China were reopening, iPhone production in the country was ramping up more slowly than expected.
“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. “These iPhone supply shortages will temporarily affect revenues worldwide.”
Demand for Apple products has also dampened in China, where all the company’s stores and many of its partner stores have shuttered, according to the statement.
The stores that have remained open were operating on reduced hours “with very low customer traffic,” Apple said.