Apple has warned that the ongoing Coronavirus will hit its March revenue forecast, as the outbreak continues to wreak havoc on China’s economy.
In a statement, Apple declared that, “Our quarterly guidance issued on January 28, 2020 reflected the best information available at the time as well as our best estimates about the pace of return to work following the end of the extended Chinese New Year holiday on February 10.”
Yet the outbreak of COVID-19, which originated in the city of Wuhan and killed over 1,700 people, and infected over 71,000, has dented Chinese production of Apple’s smartphone, and demand within the country. Wuhan and other affected areas remain on lockdown, as the Communist Party of China struggles to stem its spread – and a tide of mistrust from its embattled population.
COVID-19 has already hit sales of a number of leading tech companies, while headline exhibitions like Mobile World Congress in Barcelona, Spain, have announced postponements due to travel restrictions imposed on Chinese attendees.