The coronavirus is taking a bigger toll on Apple’s operations than it thought, and iPhone buyers around the world could see a shortage. The electronics giant on Monday warned that it likely will miss the quarterly revenue guidance it gave last month. It cited two reasons for the update: the coronavirus is hurting both demand from Chinese customers and production capabilities inside the country. China is one of Apple’s biggest markets and the primary location where its devices like the iPhone are assembled. Because factories are coming online later, there will be iPhone shortages around the globe, Apple said. ”Work is starting to resume around the country, but we are experiencing a slower return to normal conditions than we had anticipated,” Apple said in a statement. “As a result, we do not expect to meet the revenue guidance we provided for the March quarter.” Now playing: Watch this: Mobile World Congress canceled over coronavirus fears 3:52 The company said guidance it issued at the end of January was based on information it had at the time, coupled with its estimates for when the pace of work would return to normal after the extended Chinese New Year holiday. At that time, Apple had… Read full this story
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