(Reuters) – Apple Inc said on Monday that it will not meet its revenue guidance for the March quarter due to the coronavirus outbreak affecting both production and demand in China.

The company said that despite the fact that its productions facilities in China have re-opened, they are ramping up slower than expected.

The company had forecast $63 billion to $67 billion in revenue for the quarter ending in March, ahead of estimates of $62.4 billion.

Reporting by Neha Malara in Bengaluru; Editing by Sonya Hepinstall

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Despite criticism, more than 15.8 million people tuned into chaotic Democratic debate on CBS

New York (CNN Business)The chaotic final Democratic debate before the South Carolina primary and Super Tuesday averaged 15.8 million viewers, according to preliminary Nielsen ratings. About 15.3 million watched on CBS and another half a million tuned in via the…

OIL& GAS INDUSTRYLithuania loses 1.4 bln euro dispute with Gazprom in final instance

VILNIUS, February 17. /TASS/. Lithuania has lost the case of its financial claims in the amount of 1.4 bln euro to Russian gas giant Gazprom in the final instance, the country’s Energy Ministry reported on Monday. “The Supreme Court of…

U.S. Senate passes $2 trillion bill for ‘strange and evil’ coronavirus crisis

WASHINGTON (Reuters) – The U.S. Senate on Wednesday overwhelmingly backed a $2 trillion bill aimed at helping unemployed workers and industries hurt by the coronavirus epidemic, as well as providing billions of dollars to buy urgently needed medical equipment. After…

Apple warns China virus will cut iPhone production, sales

CUPERTINO, Calif. — Apple Inc. is warning investors that it won’t meet its second-quarter financial guidance because the viral outbreak in China has cut production of iPhones. The Cupertino, California-based company said Monday that all of its iPhone manufacturing facilities…