Earlier this month we learned that Apple would be temporarily closing its stores in China due to the coronavirus outbreak, joining other American companies like Nike and Starbucks. Following initial reports suggesting Apple would still be able to meet its quarterly earnings goals, it now looks like that may not be the case.

The Cupertino-based company issued a rare warning this week after originally foreseeing returns of $63 billion to $67 billion for this quarter. While it has yet to announce the expected loss, Apple shares have fallen 2.3 percent. Additionally, companies responsible for supplying Apple with chips are taking a hit as well, as stock prices for Qorvo, Skyworks, Lam Research, and Broadcom have fallen anywhere from 1.2 percent to four percent.

Apple is warning of an impending iPhone shortage because of coronavirus. The company has revealed that while its factories in China have reopened, iPhone production is moving slower than expected. Furthermore, while some Apple retail stores in the country have reopened, a portion of third party retailers remain closed and others are operating on reduced business hours.

Amid expected losses for this quarter, Apple foresees a full recovery in the coming months to achieve its yearly goals.

What To Read Next

  • Image on Highsnobiety

    No One Has Time for Barstool Sports Founder's $2,400 Watches

    Culture
  • Image on Highsnobiety

    Fact-Checking Twitter's Absurd Balenciaga Conspiracy Theory

    Style
  • Image on Highsnobiety

    Could JJJJound’s First adidas Collab Be on the Way?

    Sneakers
  • Image on Highsnobiety

    Ben Affleck Is Just Like Me

    Culture
  • Image on Highsnobiety

    These adidas Shoes Aren’t What They Seem

    Sneakers
  • Image on Highsnobiety

    A Scroll Through Rihanna & A$AP Rocky's Best Couple 'Fits

    Style
*If you submitted your e-mail address and placed an order, we may use your e-mail address to inform you regularly about similar products without prior explicit consent. You can object to the use of your e-mail address for this purpose at any time without incurring any costs other than the transmission costs according to the basic tariffs. Each newsletter contains an unsubscribe link. Alternatively, you can object to receiving the newsletter at any time by sending an e-mail to info@highsnobiety.com

Web Accessibility Statement

Titelmedia (Highsnobiety), is committed to facilitating and improving the accessibility and usability of its Website, www.highsnobiety.com. Titelmedia strives to ensure that its Website services and content are accessible to persons with disabilities including users of screen reader technology. To accomplish this, Titelmedia has engaged UsableNet Inc, a leading web accessibility consultant to help test, remediate and maintain our Website in-line with the Web Content Accessibility Guidelines (WCAG), which also bring the Website into conformance with the Americans with Disabilities Act of 1990.

Disclaimer

Please be aware that our efforts to maintain accessibility and usability are ongoing. While we strive to make the Website as accessible as possible some issues can be encountered by different assistive technology as the range of assistive technology is wide and varied.

Contact Us

If, at any time, you have specific questions or concerns about the accessibility of any particular webpage on this Website, please contact us at accessibility@highsnobiety.com, +49 (0)30 235 908 500. If you do encounter an accessibility issue, please be sure to specify the web page and nature of the issue in your email and/or phone call, and we will make all reasonable efforts to make that page or the information contained therein accessible for you.