DJ Update: Apple Warns It Will Miss Quarterly Revenue Target Due To Effects Of Coronavirus -- MarketWatch

Apple (AAPL) 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 (https://www.apple.com/newsroom/2020/02/investor-update-on-quarterly-guidance/) 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 (http://www.marketwatch.com/story/heres-which-markets-are-open-on-presidents-day-2020-02-14). Apple's stock, a component of the Dow Jones Industrial Average , is up nearly 11% in 2020 and nearly 91% over the past year, while the benchmark S&P 500 is up 4.6% and nearly 22% over those periods, respectively.

-Tim Rostan

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(END) Dow Jones Newswires

February 17, 2020 16:36 ET (21:36 GMT)

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