Apple says coronavirus outbreak will hurt revenue
Apple said Monday that due to the coronavirus outbreak, it is cutting its sales expectations for the current quarter.
Last month, Apple projected record revenue for this quarter of between $63 billion and $67 billion, The Wall Street Journal reports. The coronavirus outbreak originated in Wuhan, China, and stores and factories across the country were shuttered to try and contain the virus. Wuhan is home to two of Apple's top 200 suppliers.
Most of Apple's products are assembled in China, and the company said the factory closures will result in a temporary global shortage of iPhones. Apple also said demand for its products has dropped in China, the world's second-largest economy, due to the coronavirus outbreak.
Apple is the first major U.S. company to outline ways the coronavirus has affected business, and it expects to share more information on revenue during its April earnings call, the Journal reports.
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