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Apple will miss March revenue forecast as coronavirus impacts manufacturing and sales

Apple does not expect to meet its revenue forecast for the March quarter due to impact of the coronavirus outbreak on manufacturing of iPhones and sale of Apple products within China, the company announced yesterday. The COVID-19 outbreak has shuttered large parts of China and its impact is resounding in the global economy. In a letter to investors, the company said that its prior forecast, released on January 28, reflected the best information available at the time and their best estimates about the pace of return to work following the end of the extended Chinese New Year holiday on February 10. However, China's return to work has been slow, with death toll due to COVID-19 increasing everyday: the virus has now killed 1,868 people and has infected over 72,000 people in China. Apple did not provide a new forecast for its Q2 revenue. On January 28, Apple had said that it expected its revenue to be between $63 billion to $67 billion for its quarter ending March 31, 2020. Apple cited two main reasons for missing the forecast: Disruption in iPhone production: "Worldwide iPhone supply will be temporarily constrained." iPhone manufacturing partner sites are located outside the Hubei province which is home to the epicentre of the outbreak — Wuhan. Although the sites have been reopened, Apple said they are ramping up slower than anticipated. These iPhone supply shortages will temporarily affect revenues worldwide, the company added. Last week, Taiwan-based Foxconn, which assembles iPhones for Apple, declined to say which…

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