February 18, 2020 | Investopaper
Apple reported on Monday that its revenue is set to be hit by the coronavirus outbreak. The company said that it will not meet the expectations of the second quarter. The slow down in the iPhone demand in China and the lower iPhone supply globally are the reasons behind it.
The expected number in the second quarter was the net sales between $63 billion to $67 billion. However, the company has not forecasted new second-quarter revenue. China is one of the biggest markets for iPhone in the world and due to the coronavirus outbreak, it has been forced to close down the retail stores in China. The production in China has also been halted by the virus outbreak. The company has not been able to gather momentum to return to the normal conditions in China.
Apple is expected to launch a new cheaper model iPhone in the upcoming spring season. But the launch may be affected by the delays in China.