Apple says it won’t meet quarterly revenue goals due to coronavirus

“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. “These iPhone supply shortages will temporarily affect revenues worldwide.”

Demand for Apple products has also dampened in China, where all the company’s stores and many of its partner stores have shuttered, according to the statement. The stores that have remained open were operating on reduced hours “with very low customer traffic,” Apple said.

“The situation is evolving,” Apple said, noting that it would provide more information in its April earnings call. “Apple is fundamentally strong, and this disruption to our business is only temporary.”

The announcement added to the mounting economic fallout from the coronavirus epidemic, which has sickened nearly 71,000 people and killed more than 1,700, the vast majority in central China.

Factories throughout China closed in response to the outbreak, sapping production in a range of industries. Many have reopened in the past week, but legions of workers in the sprawling quarantine zone in Wuhan, a city of 11 million, have had trouble returning to work.

Analysts expect the global economy to shrink this quarter for the first time since 2009 as a consequence of the outbreak.

Foxconn, a major electronics producer for Apple, said last week that most of its facilities would not be able to resume operations until the end of the month.

The deadly outbreak has already taken a heavy toll on the global automotive industry. Nissan temporarily closed a factory in Japan after running short on parts from China. Hyundai closed a factory in South Korea after facing similar shortages, and Fiat Chrysler warned that it may do the same.

David J. Lynch contributed to this report.

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Sr. SDET M Mehedi Zaman

Currently working as Sr. SDET at Robi Axiata Limited, a subsidiary of Axiata Group. As a Senior SDET: - Played a key role in introducing Agile Scrum methodology and implementing CI/CD pipeline to ensure quality & timely delivery. - Trained colleagues on emerging technologies, e.g. Apache Spark, Big Data, Hadoop, Internet of Things, Cloud Computing, AR, Video Streaming Services Technology, Blockchain, Data Science- Developed a test automation framework for Android and iOS apps - Developed an e2e web automation framework with Pytest - Performed penetration testing of enterprise solutions to ensure security and high availability using Kali, Burp Suite etc. - Learned Gauntlet security testing automation framework and shared the lesson learned in a knowledge sharing session

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