Friday, July 30, 2021
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Virus bites Apple

🕐 1 min read

Apple shares fell 2% after the company warned that it won’t meet its second-quarter revenue target because the viral outbreak in China has cut production of iPhones. The Cupertino, California-based company said that all of its iPhone manufacturing facilities are outside Hubei province, the epicenter of the outbreak of COVID-19, a disease caused by the new coronavirus. All have been reopened, but production is ramping up slowly. Apple says demand for iPhones is also down in China because many of its retail stores there are closed or operating with reduced hours. China is Apple’s third largest retail market for iPhones. Outside of China, Apple said iPhone demand has been strong and is in line with the company’s expectations. Wedbush analysts said in a research note that they don’t believe the situation in China presents a long-term supply and demand issue for iPhones, despite Apple’s “massive supply and demand tentacles throughout China.”

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