Apple said Monday that disruption due to the novel coronavirus had hit both production and demand in China, and the company was “experiencing a slower return to normal conditions” than planned.
In an investor update, Apple said it no longer expects to meet the revenue guidance it provided last month for the upcoming March quarter. “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 cited two key reasons for the change in guidance: First, that “worldwide iPhone supply will be temporarily constrained.” This is not surprising given what we’ve learned about Foxconn’s less-than-quick return to capacity at various factories. Apple also said that “demand for our products within China has been” impacted by the virus. (Apple has moved away from hardware revenues as the key driver of its financial health in recent quarters, but the company’s services push is still nascent compared to its iPhone incomes.)
CNN, Tech Crunch
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