Apple says it will not meet revenue guidance for March quarter due to coronavirus impact

Apple said on Monday that it will not meet its revenue guidance for the March quarter due to the coronavirus outbreak affecting both production and demand in China. The company said despite the fact that its productions facilities in China have re-opened, they are ramping up slower than expected. The company had forecast $63 billion to $67 billion in revenue for the quarter ending in March.

Apple said supply for its iPhones will be "temporarily constrained" while manufacturing facilities in China are still not operating at full capacity. Sales of iPhones were up for the first time in a year in the December quarter. It also said store disruptions have affected its sales in China. The outbreak is expected to pile pressure on China's economy. Analysts have estimated that the virus may slash demand for smartphones by half in the first quarter in China.