by Mike ‘Mish’ Shedlock
In China, 760M people are locked down. Apple just issued a warning. In Japan, there is a sudden spike coronavirus cases.
Apple is supply constrained and Revenue Projections Will Fall Short Due to Coronavirus.
Apple Inc. became the first major U.S. company to say it won’t meet its revenue projections for the current quarter due to the coronavirus outbreak, which it said had limited iPhone production for world-wide sales and curtailed demand for its products in China.
Apple had last month projected record revenue for the current quarter of between $63 billion and $67 billion, which it said was a wider than normal range due to the virus. The technology giant on Monday didn’t provide an updated sales estimate, saying that the situation in China is evolving. It said it would provide more information when it holds its earnings call in April.