Apple, which sounded an alarm bell on China in late January, acknowledged Monday the situation had precipitated more quickly than anticipated and it wouldn’t meet revenue forecasts it made then as the coronavirus decimates production and demand for its products in the key nation.
Recent tallies put the deal toll at 1,770 in China with over 70,000 people infected and millions of others staying indoors.
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In late January, Apple forecast $63 billion to $67 billion in revenue for the quarter ending in March. It did not offer a new estimate
Apple’s contract manufacturers have added far more locations inside China than outside, with major supplier Foxconn expanding from 19 locations in 2015 to 29 in 2019 and another supplier, Pegatron Corp , going from eight to 12 locations, according to data from Apple reported by Reuters.
U.S. markets were closed for President’s Day holiday but analysts believe the stock is likely to take a hit Tuesday.
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