Apple Reveals It Will Not Meet Revenue Targets Due To Coronavirus Outbreak

International Business

Apple said on Feb 17 that it does not expect to meet its quarterly revenue target for March due to slowdown in work and lower smartphone demand amid coronavirus

Written By Sounak Mitra | Mumbai | Updated On:
Apple

Apple CEO Tim Cook, sent a memo to all its employees on February 17 addressing the impact of the deadly coronavirus on the company, as per the reports. Apple Inc reportedly issued a statement on February 17 and said that it will miss its quarterly revenue target for March due to slowdown in work and lower smartphone demand amid the coronavirus outbreak. In addition, Cook said that the safety of the employees is the company's main concern, as per the reports.

The virus outbreak in China is taking a bigger toll on one of the world's most valauble companies. The company revealed that the iPhone which generates huge revenue for the company is temporarily under pressure due to slower production as anticipated in the current fiscal quarter. Apple reportedly said that the work is going to resume around the country and added that they are experiencing a slower return than they had expected.

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Moreover, the demand for the iPhones have dropped significantly as the stores in China have been shut down or operating with less working hours, as per the reports. The company had expected revenue of $63 billion to $67 billion for the second fiscal quarter ending in March. The analysts estimated an average revenue of $65.23 billion, as per the reports. The process has been slow as the factory workers and the manufacturers look forward to contain the virus that has claimed more than 1800 lives in China. 

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Over 1800 died in China

The death toll for the novel Coronavirus hit 1,868 in the last 24 hours in mainland China. As per the Chinese state health committee, it has increased by 98 in just one day. The committee also added that the number of confirmed cases has gone up by 1,886 to 72,436. First detected in the city of Wuhan, in Hubei Province of China, the virus outbreak has now spread across 20 countries since December 2019. About 1,701 people have recovered from the disease, whereas, a total of 12,552 coronavirus patients have by now been discharged from hospitals.

READ: China: Beijing Auto Show Postponed Amid Deadly Coronavirus Fear

The World Health Organisation (WHO) has dubbed the virus as COVID-19. The death toll for n-Coronavirus has surpassed the tolls from the SARS epidemic of 2002-03. The origin of the virus has been linked to the local seafood market of Wuhan, which is the capital of Hubei province in central China. Few of the countries currently affected by the virus include Singapore, Thailand, Japan, India, and the United States.  

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