Apple to miss revenue forecast as iPhone supply hit by coronavirus

Apple is to miss its revenue forecast for March quarter due to coronavirus epidemic, US tech giant said Monday, warning that iPhone supplies worldwide would also be impacted, underlining ecomic cost of health crisis.

COVID-19 virus death toll w exceeds 1,800 in China, where it has infected more than 72,000 after emerging in central province of Hubei in December. virus has sparked global ecomic jitters, travel bans and cancellation of high-profile sporting and cultural events. "We are experiencing a slower return to rmal conditions than we h anticipated," Apple said in a statement.

"As a result, we do t expect to meet revenue guidance we provided for March quarter." Apple h forecast revenue of 63 billion to 67 billion for second quarter to March. It said that worldwide iPhone supply would be "temporarily constrained" as its manufacturing partners in China were only slowly ramping up work after being closed due to virus.

Consumer demand in crucial Chinese market has also been dampened after all Apple stores were shut. "Stores that are (w) open have been operating at reduced hours and with very low customer traffic," company said. "We are grually reopening our retail stores and will continue to do so as steily and safely as we can."

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International Monetary Fund chief Kristalina Georgieva has said re could be a cut of around 0.1-0.2 percent points to global growth, but stressed re was much uncertainty about virus's ecomic impact. Outside of hardest-hit Hubei, which has been effectively locked down to try to contain virus, number of new cases has been slowing and China's national health authority has said outbreak was under control.

However, World Health Organization chief Tedros ham Ghebreyesus said that trend "must be interpreted very cautiously." travel industry has been most directly affected by China's decision to quarantine dozens of cities and cancel all overseas tour groups.

Some countries have told nationals to avoid travel to China and banned arrivals from re. Supply chains of global firms such as Apple supplier Foxconn and auto giant Toyota have been disrupted as key production facilities in China were temporarily closed, and some major airlines have halted services.

Sportswear giants Nike and idas shuttered hundreds of stores in country earlier this month and warned of a negative impact on ir earnings. State media said China may postpone its annual parliamentary session, which has been held in March for last 35 years.

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