Apple will miss its revenue goals for the quarter thanks to the coronavirus outbreak in China, which continues to have flow-on effects on the world economy.
In a statement released Monday, the company revealed that its revenue guidance from the end of January had perhaps been a little too optimistic about the impact of the virus, now officially known as COVID-19, on its operations and sales.
Apple cited the slow “ramping up” in its Chinese manufacturing facilities after Lunar New Year due to the extended break forced by the epidemic, as well as lower demand for iPhones, store closures (35 of the 42 Apple Stores in China remain closed), and reduced hours in the Chinese retail sector.
