While the initial forecast for the company described net sales between $63 billion to $67 billion in its fiscal second quarter, the company did not provide a new forecast for its fiscal second-quarter revenue. It had earlier said that the large gap of $4 billion was chosen due to the uncertainty around the coronavirus outbreak.
“As you can see from the range, anticipates some level of issue there. Otherwise, we would not have a $4 billion range,” CEO Tim Cook said at the time.
Apple said on Monday it is “experiencing a slower return to normal conditions than we had anticipated” after the extended Lunar New Year holiday. All iPhone manufacturing facilities in China have reopened, but Apple said it still expects supply shortages of the phone globally.
“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,” the statement reads.
Earlier in January 2019, Apple had also had to cut its predictions regarding their revenues due to concerns over the US-China tariffs war. The company had to slash revenue guidance for its fiscal first quarter of 2019 due to weak iPhone sales in the country as the market was dominated by local brands.
The number of people who have died from novel coronavirus in mainland China has reached 1,868, while 72,436 people have been infected and more than 12,500 have recovered so far, the Chinese state health committee said on Monday.