Apple says will not meet revenue guidance for March quarter due to coronavirus impact
Apple’s manufacturing facilities in China have begun to re-open, but they are ramping up more slowly than expected, the technology company said in a statement to its investors.
Global supplies of Apple’s iPhones will be limited as the sites work toward operating at full capacity, the company said.
“These iPhone supply shortages will temporarily affect revenues worldwide,” the company said.
In January, Apple forecast $63 billion to $67 billion in revenue for the quarter ending in March, ahead of estimates of $62.4 billion.
The company said it will provide more information during its next earnings call in April.
It also said that store restrictions due to coronavirus precautions have affected its sales in China, with most retail stores either closed or operating at reduced hours.
“We are gradually reopening our retail stores and will continue to do so as steadily and safely as we can,” the company said.