Financial news

Apple warns China virus will cut iPhone production, sales

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Via AP Business

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.

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