Apple Reduces Revenue Forecast Due to Coronavirus Impact

Feb. 18, 2020

The company highlighted two main reasons behind it cutting its revenue guidance for the second quarter of the year. The first being the constrained iPhone manufacturing due to conditions in China — while most of Apple’s partner manufacturers have restarted work, production is ramping up at a slower pace than anticipated.

Second, Apple says that the demand for its products in China has reduced. The company said,“All of our stores in China and many of our partner stores have been closed. 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.”