shares tumbled as much as 3.1% in early Tuesday trading after the company announced coronavirus fallout will cut into its quarterly revenue more than first expected.
The tech giant nullified its previous guidance for the March quarter, citing"temporarily constrained" iPhone supply and weakened demand in China. The Foxconn factories that produce iPhonesin the country over the next few months after a mandatory shutdown, creating a temporary product shortage for the flagship product, according to a Monday press release.
Apple's on-the-ground operations in China will also take a hit in the near term, as all of its stores and several partner stores were closed to prevent further contagion. Some locations have since resumed operations, but with reduced hours and weaker customer traffic. The company plans to reopen its retail locations"as steadily and safely" as it can, according to the release.
"Work is starting to resume around the country, but we are experiencing a slower return to normal conditions than we had anticipated," Apple added.as of early Tuesday, with more than 72,000 infected. Coronavirus has now spread to 26 different countries. Five deaths have been reported outside of mainland China: one in Japan, one in Hong Kong, one in the Philippines, one in Taiwan, and one in France.
It’s frustrating to see business insider use language that promotes panic and volatility . For example, “stocks plunge” is the headline. The indexes referenced were down under 1.5%. How is that a plunge? I think more care is needed when selecting language.
so....
Almost like they had to pay taxes
Buy. Buy. Buy.
Apple tim_cook
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessInsider - 🏆 729. / 51 Read more »