Saturday, 28 March, 2020


Apple warns coronavirus will cut iPhone production, sales

An Apple Store in Beijing. The company said store restrictions due to coronavirus precautions have affected its sales in China with most retail stores either closed or operating at reduced hours and with very low customer traffic The next iPad Pro will pack this game-changing feature (report)
Melba Vasquez | 18 February, 2020, 01:39

Apple Inc.is warning investors that it won't meet its second-quarter financial guidance because the viral outbreak in China has cut production of iPhones.

Work is starting to resume around the country, but we are experiencing a slower return to normal conditions than we had anticipated. Apple cites both constrained iPhone supplies worldwide and lower customer demand for Apple products in China as the main impacts on performance for the quarter.

The Cupertino, Calif. -based company said that although its productions facilities in China have reopened, they are ramping up slower than expected.

It also said that store disruptions have affected its sales in China, with most stores either closed or operating at reduced hours.The outbreak is expected to pile pressure on China's economy with companies struggling to restart production after an extended New Year holiday as supply chains from the auto industry to smartphones remain disrupted.

"All of our stores in China and many of our partner stores have been closed".

Apple, which forecast record revenues of up to $67bn in the current quarter, did not put a number on the likely hit. Analysts on average estimated US$65.23 billion, according to data compiled by Bloomberg. "Otherwise, we would not have a $4 billion range", he said on 28 January.

"The health and wellbeing 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".

But late on Monday, in a letter to investors, Apple admitted that it would miss even those targets because the disease had strangled the supply of new iPhones and crushed customer demand as it forced the company to shut down factories and closed high street shops.

Apple's shares held steady at $325-a-share in after hours trading following the announcement. Supply chains from the auto industry to smartphones remain disrupted.

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