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Apple’s iPhone hit by Coronavirus

Production may be halted due to the pandemic.
Apple iPhone 11 launch - iPhone 11 Pro - Demo including camera9

Apple has said that its production of iPhones may be down due to coronavirus, the company revealed in a statement to investors.

Apple has also revealed it expects its revenue forecasts will not hit targets as a direct result of the coronavirus epidemic.

With production and sales hit, Apple has stated that “worldwide iPhone supply would be temporarily constrained" - which may be troubling for consumers who are planning to buy a new iPhone.

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As China is still trying to cope with the outbreak, many of its stores and factories remain closed, severely limiting production and sales of the iconic smartphone.

A statement on the Apple website reads: “Work is starting to resume around the country, but we are experiencing a slower return to normal conditions than we had anticipated. As a result, we do not expect to meet the revenue guidance we provided for the March quarter due to two main factors.

“The first is that worldwide iPhone supply will be temporarily constrained. While our iPhone manufacturing partner sites are located outside the Hubei province — and while all of these facilities have reopened — they are ramping up more slowly than we had anticipated. The health and well-being of every person who helps make these products possible is our paramount priority, and we are working in close consultation with our suppliers and public health experts as this ramp continues. These iPhone supply shortages will temporarily affect revenues worldwide.”

This announcement has seen Apple's shares drop by 2.8%, which takes around $40bn off the tech giant’s valuation. While that may seem a lot, it’s worth noting that Apple is currently estimated to be worth an insane $1.38 trillion, so they can afford to lose a few billion.

Coronavirus has already made its presence felt on the techworld with the cancellation of this year’s Mobile World Congress and it remains to be seen how much more of an impact it will make.

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Category: News
Tagged: apple, iphone
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