US tech giant Apple says won't meet revenue target as coronavirus hits both production and demand in China
People wearing protective masks are seen in an Apple Store, as China is hit by an outbreak of the new coronavirus, in Shanghai, China, January 29, 2020.
"We do not expect to meet the revenue guidance we provided for the March quarter," it said in a statement, adding that worldwide iPhone supply would be "temporarily constrained" and demand in China had been affected. Elsewhere, hundreds more have been infected and the virus has sparked panic buying, economic jitters as well as the cancellation of high-profile sporting and cultural events.
Apple said that "while our iPhone manufacturing partner sites are located outside the Hubei province — and while all of these facilities have reopened — they are ramping up more slowly than we had anticipated."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.
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