Apple issues revised ‘revenue guidance’ for March

Apple is citing as the first factor the constraint placed on the worldwide iPhone supply as a result of the coronavirus’s ongoing effect on the global supply chain. The first is that worldwide iPhone supply will be temporarily constrained. Even with manufacturing partners outside the Hubei province, where facilities have reopened, the ramping up is occurring much slower than expected. In short, the iPhone supply shortages are taking a toll on Apple’s worldwide revenues. Secondly, Apple said in its statement that demand for Apple products within China has been diminished due to the closure of partner stores and reduced hours of operation for store that have remained open or reopened, in addition to greatly reduced foot traffic. The company said it will gradually expand retail hours and reopen locations as is safe to do so. Corporate offices and contact centers in China, as well as online retail sites remain open as they have throughout the recent coronavirus situation. With regard to demand for Apple products outside of China, the company said customer demand has remained strong and aligned with expectations.