Apple's decision to temporarily shutter its stores in China as a result of the new coronavirus could delay up to 1 million iPhone sales but is unlikely to have a substantial impact on the company's revenue.
Apple's decision to temporarily shutter its stores in China as a result of the new coronavirus could delay up to 1 million iPhone sales, but is unlikely to have a substantial impact on the company's revenue, analysts at Wedbush Securities said Saturday.
The company has broad exposure to the Chinese consumer market and relies on the country for a majority of its manufacturing. "We believe with the limited transportation in major cities throughout China and limited foot traffic in Shanghai, Beijing, and other cities that at most ~1 mm iPhones in the region could be at risk of shifting out of the March quarter into the June quarter if this continues into late February," analysts Daniel Ives and Strecker Backe wrote.
Apple said earlier in the day that out of "an abundance of caution and based on the latest advice from leading health experts" it would close its stores on the country's mainland until Feb. 9.but issued guidance with a wider range than is typical, which CEO Tim Cook attributed to uncertainty around the new flu-like infection. The company has
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