Apple Warns of Q2 Revenue Shortfall Due to Coronavirus
Apple (NASDAQ: AAPL) warned the second quarter revenue guidance it gave just three weeks ago was no longer valid as the effects of the novel coronavirus outbreak was more pervasive than it originally believed.
Although it had provided an exceptionally broad $4 billion spread in its outlook, believing revenue could come in anywhere between $63 billion and $67 billion, an outcome due to the uncertainty surrounding the contagion, it ultimately believes even that was too optimistic and revenue will fall short of the forecast. The global supply for iPhones has been interrupted -- and demand in China for them has evaporated.
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Source Fool.com