Apple to Fall Short of Projected Revenue Due to Coronavirus

Date : 02/17/2020 @ 10:05PM
Source : Dow Jones News
Stock : Apple Inc (AAPL)
Quote : 247.74  -10.7 (-4.14%) @ 4:00AM
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Apple to Fall Short of Projected Revenue Due to Coronavirus

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By Tripp Mickle 

Apple Inc. became the first major U.S. company to say it won't meet its revenue projections for the current quarter due to the coronavirus outbreak, which it said had limited iPhone production for worldwide sales and curtailed demand for its products in China.

Apple had projected record revenue for the current quarter of between $63 billion and $67 billion, which it said was a wider than normal range due to the virus. The technology giant on Monday didn't provide an updated sales estimate, saying that the situation in China is evolving. It said it would provide more information when it holds its earnings call in April.

It is the second time in two years that Apple has reset revenue projections because of problems in China. A year ago, it slashed guidance for the first time in more than 15 years because of weak iPhone demand in China and elsewhere in the world.

Write to Tripp Mickle at Tripp.Mickle@wsj.com

 

(END) Dow Jones Newswires

February 17, 2020 16:50 ET (21:50 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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