After Apple announced last week that it wouldn’t be able to meet its previously-issued Q220 revenue forecast due to coronavirus-related supply and demand disruptions in China, shares are down markedly in Monday trading as concerns about the spread of COVID-19 continues to weigh on global markets.
Evercore ISI analyst Amit Daryanani wrote over the weekend that he was lowering his March-quarter revenue estimate by about $8.6 billion.
“Our estimate reduction is predominantly driven by [coronavirus] supply issues and to a lesser extent weaker demand trends in China,” he wrote. “However, we think [Apple] revenue has merely been delayed versus lost and our FY20 estimates are unchanged – though we concede this is a fluid situation and revenues could be pushed out further into the December quarter.”
MacDailyNews Take: Shh! Let us back up the truck first!