Apple will miss its forecasted revenue guidance for the second fiscal quarter of 2020 due to the coronavirus epidemic. The company had projected revenue for the quarter between $63 and $67 billion, and gross margin between 38 and 39 per cent.
In a released statement, Apple stated that it is, “experiencing a slower return to normal conditions than we had anticipated. As a result, we do not expect to meet the revenue guidance we provided for the March quarter due to two main factors.”
Apple’s statement says that during this time, iPhone supply has been temporarily constrained. Demand for Apple products has been affected as well, with Apple stores closed for a duration, and then reopening at a reduced schedule.
“Outside of China, customer demand across our product and service categories has been strong to date and in line with our expectations,” Apple said in the statement.
Apple closed its Q1 2020 with a record $91.8 billion in revenue, with iPhone sales up seven per cent over the previous holiday quarter.