Apple will miss Q2 2020 revenue projection due to coronavirus impacts

Less than a month ago, Apple reported a record first quarter with revenues of $91.8 billion for the holiday season, and predicted second fiscal quarter revenues in the $63 billion to $67 billion range. Today, the company warned investors that it will fall short of that guidance due to impacts of the COVID-19 coronavirus on both iPhone manufacturing and overall Apple sales in China.

According to Apple, “worldwide iPhone supply will be temporarily constrained” due to a slower than expected resumption of manufacturing following the Lunar New Year holiday. Additionally, the company says that its own and partner retail locations in China have been either closed or operating in limited fashion, including “very low customer traffic.”