Apple to Miss Revenue Target due to Coronavirus
Apple has given a warning to the investors that due to the ongoing coronavirus threat its business has been affected. Apple will not be able to make and sell as many devices as anticipated in China.
Apple said, “Work is starting to resume around the country, but we are experiencing a slower return to normal conditions than we had anticipated.”
Most of the manufacturing operations of Apple are based in China and China has been the hardest hit by the virus. Almost half of China’s population is living under some form of travel restrictions.
Apple said, “The health and well-being of every person who helps make these products possible is our paramount priority, and we are working in close consultation with our suppliers and public health experts as this ramp continues. These iPhone supply shortages will temporarily affect revenues worldwide.”
Recently Apple has temporarily closed all of its stores in China. The company said, it is “gradually reopening” stores, those locations have reduced hours and that foot traffic is “very low.”
Even though due to coronavirus Apple sales are being affected but in general iPhone sales are surging by nearly 8% to $56 billion in the last three months of 2019.
Must read: Apple Will Launch iPhones and iPad At The Same Time This Fall
In response to the deadly virus many companies have closed their offices and factories. A few of them are reopening but the situation is still critical.
Top search engine provider Baidu recently said that it is gradually reopening offices. But the employees that are coming “must meet quarantine conditions, and they can only return to work in the campus after approval.”
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