Skip to content
Subscriber Only

Apple Won’t Meet Quarterly Revenue Target Due to Coronavirus

  • Company unlikely to meet $63 billion to $67 billion guidance
  • Apple cites slowed sales in China, heavy iPhone constraints
A security guard wearing a protective mask stands inside an Apple store in Shanghai.
A security guard wearing a protective mask stands inside an Apple store in Shanghai.Photographer: Qilai Shen/Bloomberg
Updated on

Apple Inc. doesn’t expect to meet its revenue guidance for the March quarter because of work slowdowns and lower smartphone demand, showing that the virus outbreak in China is taking a bigger-than-predicted toll on one of the world’s most valuable companies.

The company said that the iPhone, which generates the bulk of Apple’s revenue, is temporarily constrained due to production ramping up more slowly than anticipated. “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 in a statement Monday. In addition, demand for iPhones has been reduced because stores in China have been closed or operating with reduced hours and few customers, the company said.