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Feb. 17, 2020, 4:29 p.m. EST

Apple warns it will miss quarterly revenue target due to effects of coronavirus

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By Tim Rostan

Apple /zigman2/quotes/202934861/composite AAPL +0.67% cited effects of the coronavirus-borne disease COVID-19 as it warned late Monday that it no longer expects to meet the revenue guidance it offered in late January for the quarter ending in March. It said in a statement posted to the Apple website that iPhone supply would be temporarily constrained, with manufacturing partners in China resuming production more slowly than had been anticipated, while the disease has also affected demand for Apple products in China. The company said its thoughts "remain with the communities and individuals most deeply affected by the disease, and with those working around the clock to contain its spread and to treat the ill." U.S. stock trading was closed Monday for the Presidents Day holiday. Apple's stock, a component of the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.62% , is up nearly 11% in 2020 and nearly 91% over the past year, while the benchmark S&P 500 /zigman2/quotes/210599714/realtime SPX +0.36% is up 4.6% and nearly 22% over those periods, respectively.

Read the full story:
Apple says coronavirus effects will cause revenues to fall short of guidance

/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 438.66
+2.91 +0.67%
Volume: 43.20M
Aug. 4, 2020 4:00p
P/E Ratio
33.35
Dividend Yield
0.75%
Market Cap
$1863.11 billion
Rev. per Employee
$1.98M
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
26,828.47
+164.07 +0.62%
Volume: 355.46M
Aug. 4, 2020 5:20p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,306.51
+11.90 +0.36%
Volume: 2.40B
Aug. 4, 2020 5:20p
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