iPhone Shortage & Profit Loss.
Written by 1.02010 on February 18, 2020
If you’ve got stock with Apple, you may want to begin following closely. The company is now blaming the coronavirus outbreak for slowed iPhone production and lack of sales, heading into Q2. Today, the company stated that it does not expect to meet its second-quarter revenue forecast ($63-67B), citing global supply constraints for iPhones and lower Chinese demand, resulting from the deadly outbreak. While they didn’t provide the new forecast, in its statement released online, they said that the outbreak disrupted manufacturing, however, “work is starting to resume around [China], but we are experiencing a slower return to normal conditions than we had anticipated.”They added, “We are gradually reopening our retail stores [in China] and will continue to do so as steadily and safely as we can.“