INFECTED

Coronavirus Forces Apple to Miss Revenue Forecast

The company said the “worldwide iPhone supply” would be “temporarily constrained,” due to the virus’ impacts.

Apple said it would not meet its March quarter revenue forecast due to impacts of the coronavirus in China. In a Monday letter to investors, Apple said its forecast was based on assumptions that working pace at their Chinese facilities would pick up by February 10, after the “extended Chinese New Year holiday.” However, the work has not picked up like previously anticipated—leading to the “worldwide iPhone supply” being “temporarily constrained.” The company said the demand for Apple products within China have been impacted by the virus, which also affects the revenue forecast. Apple told investors that it would be “more than doubling” their previously announced donation to combat coronavirus, which has killed over 1,700 worldwide and sickened more than 71,000.