Apple expects a challenging quarter due to the COVID-19 outbreak in China. Temporary iPhone shortage is expected.
Apple has issued an update to its investors that it does not expect to meet its revenue guidance for its current March quarter due to the COVID-19 outbreak. While things have slowed down during the long Chinese New Year holiday season, Apple is experiencing slower return to normal conditions than expected.
According to the Cupertino company, they are expected to report a slower quarter due to two main factors. The first factor is that the worldwide iPhone supply will be temporarily constrained. Although iPhone manufacturing partner sites are located outside the affected Hubei province, its production is ramping up slower than expected. Apple emphasised that the health and well-being of every person that helps to make their products possible is its paramount priority.
The second impact is lower demand in China as all of its stores and partner stores have been closed due to the outbreak. Remaining stores that are open are operating at reduced hours and have seen lower customer traffic. Apple is gradually reopening its stores and it will continue steadily as safely as they can.of USD 91.8 billion, which is an increase of almost 10% from the year before.
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