Apple warns China virus will cut iPhone production, sales
Phil Schiller, Senior Vice President of Worldwide Marketing, talks about the new iPhone 11 Pro and Max, during an event to announce new products Tuesday, Sept. 10, 2019, in Cupertino, Calif.[AP Photo/Tony Avelar]
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 are outside Hubei province, and all have been reopened, but production is ramping up slowly.
The company says demand for iPhones is also down in China because Apple's retail stores are closed or operating with reduced hours.
On Jan. 28, Apple said it expected second quarter revenue between $63 billion and $67 billion. Apple's second quarter ends March 30.
Apple says the situation is evolving and it will provide more information on its next earnings call in April.