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18.02.2020

Apple hit by coronavirus

news

The company struggles as the coronavirus outbreak damages its iPhone supply chain

Stocks impacted: Apple Inc (AAPL)

The tech giant said that worldwide iPhone supply will be temporarily constrained. The company also warned that it would be missing its March quarter guidance due to the coronavirus outbreak hitting its iPhone supply chain and a lowering demand in China. The COVID-19 virus death toll now exceeds 1,800 in China, where it has infected more than 72,000. As such, Apple has become the first US company to admit that its finances will be hit due to spread of coronavirus. The iPhone maker, which had forecast record revenues of up to $67bn in the current quarter, did not reveal the likely hit. The company said it will provide more information during its next earnings call in April. On Friday, Apple stocks closed 0.02% higher. Today, as Wall Street reopens after a public holiday, the company’s shares may fall on the negative headlines.

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