Apple says that it is not going to meet its revenue target for March due to the coronavirus, which has impacted production and demand in China.
The tech giant said that although its facilities have reopened in China, production is not restarting as quickly as expected.
Apple had forecast around $63 billion USD (about $83 billion CAD) to $67 billion USD (about $88 billion CAD) for the quarter ending in March. It’s likely that its actual revenue for the quarter will be quite different than its previous forecast.
Further, the tech giant says that store restrictions due to the coronavirus have also impacted its sales in China since stores are either fully closed or only open for select hours.
“We are gradually reopening our retail stores and will continue to do so as steadily and safely as we can,” the company told Reuters.
Analysts have said that the virus could slash demand for phones by half in China, which has the largest market for phones.
Apple is not the only company that has said that its production and revenue will be impacted by the virus, as it is also affecting the automotive industry including General Motors and Hyundai.