Apple Cites Coronavirus Fears in Rare Earnings Warning Report

The tech giant’s quarterly revenue fears also drag down chip manufacturers.

By
Tech 
3,224 Hypes 2 Comments

Growing fears over China’s Coronavirus epidemic has affected major companies across the globe, including American imprints like Under Armour, Starbucks and Nike. In a statement, Apple has clarified some of its fears in relation to the illness, forecasting a downturn in second quarter revenue.

Originally expecting returns of $63 billion USD to $67 billion USD, Apple hasn’t specified the exact losses it expects, but the rare warning it issued on February 17 was enough to upset the otherwise upbeat American equity averages. The tech giant’s share prices sank 2.3% the following day, with the Dow Jones taking a 100 point hit at the open.

Apple cites various figures for its gloomy news, including lower global iPhone supply and decreased demand in China due to the Coronavirus. Chinese factories that produce the iPhone have reopened, Apple explains, but production is ramping up slowly.

CNBC reported that Apple’s vague anxieties have also affected companies that manufacture its chips. For instace, stock prices for Qorvo — which provides Apple with radio frequency chips — Skyworks, Lam Research and Broadcom dipped by 2.5%, 2.4%, 4% and 1.2%, respectively.

Analysts predict that Apple’s Coronavirus concerns will be remedied in the following quarters. Plenty of new product, cutting-edge phones and strong Apple Watch sales are demonstrative of Apple’s multi-pronged strengths, which will aid the company in bolstering its financials.

Read Full Article
Source
Axios

Join Our Discussions on Discord

The HYPEBEAST Discord Server is a community where conversations on cultural topics can be taken further.

102 Users Online

What to Read Next

How Footaction is Supporting Emerging Designers from Historically Black Colleges and Universities
Fashion 

How Footaction is Supporting Emerging Designers from Historically Black Colleges and Universities

The footwear company unveiled the winners of its latest initiative during NYFW.

Nike Air Tech Challenge 2 Is Back in "Black Lava"
Footwear

Nike Air Tech Challenge 2 Is Back in "Black Lava"

A flipped take on the influential silhouette’s most lauded colorway.

Relive Kanye West's All-Star Weekend Sunday Service
Music

Relive Kanye West's All-Star Weekend Sunday Service

West defended the religious themes in his recent musical output while in Chicago.


These Are the Best Artworks Releasing This Week
Arts 

These Are the Best Artworks Releasing This Week

Including a screenprint by Roby Dwi Antono, robotic sculpture by Daytona and more.

BAPE x Coach SS20 Full Collection Revealed
Fashion

BAPE x Coach SS20 Full Collection Revealed

Covering ready-to-wear, footwear and leather accessories.

Inside Liverpool’s Record-Breaking Title Challenge
Sports

Inside Liverpool’s Record-Breaking Title Challenge

How the team got back on track to win the Premier League 30 years after its heyday.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. In adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.

Help Support Us

We need ads to keep the lights on and to continue providing free news to our readers. We’d appreciate your support by whitelisting HYPEBEAST on your ad blocker. That way you can keep reading all the great stories for free.

If you have already whitelisted us, simply refresh this page. To find out how to whitelist us, click the button below.

Back

Add Us to Whitelist

We appreciate your support in allowing HYPEBEAST ads. Most ad blockers have similar whitelisting steps and settings. If you need assistance, please contact us.

Adblock Plus

  1. Click on the red ABP icon in the upper right corner of your browser.
  2. Click “Enabled on this site” to disable ad blocking for the current site. In Firefox click “disable on HYPEBEAST”.
  3. Refresh the HYPEBEAST page that you were viewing.

Adblock

  1. Click the AdBlock hand icon.
  2. Click “Don’t run on pages on this domain”.
  3. A new “Don’t run AdBlock on…” dialog may be displayed in the middle of the screen.
  4. Move the “Site” slider to the right. After that, click “Exclude”.
  5. Refresh the HYPEBEAST page that you were viewing.

uBlock

  1. Click the uBlock icon.
  2. Click the large blue “power” button in the menu that appears to whitelist the current website.
  3. Reload the HYPEBEAST page that you were viewing.

Firefox Browser

Firefox Tracking Protection may activate our whitelist notice, which can be disabled temporarily for a browsing session by clicking the shield icon in the URL bar and following the instructions.

Disconnect

  1. Click the Disconnect icon.
  2. Click “Whitelist site”.
  3. Refresh the HYPEBEAST page that you were viewing.