Popular tech company, Apple believes meeting its revenue guidance for this quarter will be impossible due to an overall decrease in the demand for mobile devices globally and scheduled cuts in production because of the coronavirus.
Apple says even if it planned the shutdowns for the protection of its workers and the containing of the virus, recommencing production has been slower than it anticipated.
Apple analyst and co-founder of Loup Ventures, Gene Munster had this to say, “Work is starting to resume around the country, but we are experiencing a slower return to normal conditions than we had anticipated. This is the double-edged sword of being in China. They’re the only big company with China exposure, so they are working through the pain of what has largely been a success for the company over the past decade.”
“Apple is the only major U.S. technology giant to offer the majority of its products and services in China. Products from Facebook, Google, Amazon and Netflix are either limited or unavailable.”