Apple revenue will be hit as coronavirus creates iPhone supply shortages, company warns
Apple warned investors on Monday that the ongoing coronavirus outbreak is hurting its business more than previously expected by limiting how many devices it can make and sell in China.
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.
Much of Apple's manufacturing operations are based in China, which has been hardest hit by the coronavirus outbreak. Nearly half the country's population is living under some form of travel restrictions.
Apple (AAPL) temporarily closed all of its stores in China. While the company said it is "gradually reopening" stores, those locations have reduced hours and that foot traffic is "very low."