Apple warns on revenue guidance due to production delays, weak demand due to coronavirus

Apple said Monday it does not expect to meet its second-quarter forecast for revenue. The company cited global supply constraints for iPhones and lower Chinese demand as a result of the coronavirus outbreak. Apple said in late January that it expected revenue of $63 billion to $67 billion in its fiscal second quarter. Apple says will not meet revenue guidance for March quarter due to coronavirus outbreak

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.