Apple has issued a statement warning that the company will miss their quarterly guidance given on January 28th with last month’s earning report:
As the public health response to COVID-19 continues, our 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. Apple is more than doubling our previously announced donation to support this historic public health effort.
Our quarterly guidance issued on January 28, 2020 reflected the best information available at the time as well as our best estimates about the pace of return to work following the end of the extended Chinese New Year holiday on February 10. Work is starting to resume around the country, but we are experiencing a slower return to normal conditions than we had anticipated. As a result, we do not expect to meet the revenue guidance we provided for the March quarter due to two main factors.
The first is that worldwide iPhone supply will be temporarily constrained. While our iPhone manufacturing partner sites are located outside the Hubei province — and while all of these facilities have reopened — they are ramping up more slowly than we had anticipated. The health and well-being of every person who helps make these products possible is our paramount priority, and we are working in close consultation with our suppliers and public health experts as this ramp continues. These iPhone supply shortages will temporarily affect revenues worldwide.
The second is that demand for our products within China has been affected. All of our stores in China and many of our partner stores have been closed. Additionally, stores that are open have been operating at reduced hours and with very low customer traffic. We are gradually reopening our retail stores and will continue to do so as steadily and safely as we can. Our corporate offices and contact centers in China are open, and our online stores have remained open throughout.
Outside of China, customer demand across our product and service categories has been strong to date and in line with our expectations.
The situation is evolving, and we will provide more information during our next earnings call in April. Apple is fundamentally strong, and this disruption to our business is only temporary. Our first priority — now and always — is the health and safety of our employees, supply chain partners, customers and the communities in which we operate. Our profound gratitude is with those on the front lines of confronting this public health emergency.
Source: Apple Inc.
MacDailyNews Take: A temporary issue from something that’s out of Apple’s control, this warning on quarterly guidance will likely ding the stock temporarily, too.
Wait for somebody to say “Fire Tim Cook” because Steve Jobs would have found a solution for the epidemic. 😏
You bet Steve would. Just like he found a solution for pancreatic cancer… D’OH!
The fact that “natural medicine” killed Steve Jobs is so stupid. He might have lived if he went for “Evidence based medicine” instead.
we don’t know all the facts… i work with cancer patients of all types using conventional medicine/surgery…
sad to say… most die… when there is evidence in other developed countries to use alternative methods besides only using surgery, chemo, radiation.
for all we know… he may have lived longer because he sought out alternatives.
There is no evidence that using alternatives affects cancer survival rates. In Mr. Jobs case, the nine months he spent exploring alternatives did nothing to slow the progression of his disease. Delaying his surgery may have shortened his life or it might not. He had a nasty and aggressive type of cancer. If there ever is a cure or treatment for it, it will come from science based medicine. The US government has spent over a billion dollars investigating alternative medicine and we’re still waiting for anything useful to come out of it.
Your point? Most cancer health “tech” is trial and error with wide ranges of patient outcomes. Evidence is poor at best.
The US government has spent trillions on cancer research and so far the results have been chemo cocktails that destroy quality of life, and prolong it just long enough for Big Pharma to empty your bank accounts.
Jobs went out on his own terms. It may not be your path, but don’t assume it wasn’t the correct choice for him and his family.
Sold some AAPL today. A drop at opening seems likely and it could be awhile before it rises close to today’s levels. There’s also little confidence that the next qrt won’t be impacted.
The market was closed today. You’re not only a liar, you’re a moron.
Ok, pardon me sour-mouth. I should have said put an order in today for a sale at opening market price…which is $324.xx.
You are not getting anywhere near that price. You will take the hit along with everyone else.
Maybe he meant he put in a sell order?
Yes, I expect the stock price will take a hit. The stock manipulators and would-be manipulators will never pass up a chance to spread FUD about Apple. If you don’t need the money right now, hang in there. It will bounce back, and go even higher. There has never been an instance in Apple’s history where that didn’t happen. If you have some ready cash, it might be a good time to load up for future gains. AAPL has hit 10 new “all-time” closing highs since the first day of trading this year (including that first day when it was “just” $300 and change.) Remember what happened about this time last year when Apple revised guidance? The stock took a hit — and then went on to score 27 new “all-time” highs right up until the final day of trading for 2019 ($293 and change). That number would have been higher, but we simply ran out of days in the year.
LOL @ “stock manipulators”. Loosen your tin foil hat.
Some wise “manipulators” have an eye on global econ factors that are concerning and they do speak their mind, on occasion.
Record share price isn’t a ladder that’s eternal.
I have my own system of tracking Apple and my own benchmarks. Basically, I’m looking back as far as the introduction of OS X and what the company has built on that. You may have different criteria or none at all. You do what feels right for you.
CoViD-19 may be hurting Apple’s revenue, but Tesla is actually thriving from the disease. I’m not sure how they’re managing to sell more cars if there are component restraints in China. I suppose there are always some companies immune to global economies.
“I’m not sure” and “Tesla” are joined are the hip these days. Tesla leads this period of funny money and “growth.”