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An Apple Store in China Photo: poandpo

Apple Warns Investors That Coronavirus Will Hurt Its Revenue

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Apple has warned its investors that disruption in China as a result of the widespread coronavirus means revenues will fall short of forecasts. The company foresees the coronavirus hurting its business more than previously expected. The contagious nature of the disease is limiting how many devices it can make and sell in China.


The company said it is cutting its sales expectations for the first quarter in 2020. Apple had robust sales projections in January 2020.


“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.


“We do not expect to meet the revenue guidance we provided for the March quarter,” the company added in its statement.


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Apple store on 5th Avenue in Manhattan, New York. Photo: REUTERS/Mike Segar.


Apple said it was “experiencing a slower return to normal conditions” than it initially expected. Most stores in China either closed or operate at reduced hours company said.

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“All of our stores in China and many of our partner stores have been closed. Additionally, stores that are open have been operating at reduced hours and with very low customer traffic. We are gradually reopening our retail stores and will continue to do so as steadily and safely as we can.


“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,” Apple’s spokeperson said.

Coronavirus to slash demand for smartphones

Analysts estimate that the virus may also slash the demand for smartphones in China by nearly half in the first quarter of 2020. This is bad as China is the world’s biggest market for the devices.


The head of the International Monetary Fund, Kristalina Georgieva said there could be a cut of about 0.1 to 0.2 percentage points to global growth.


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