CUPERTINO, Calif. (AP) - Apple Inc. is warning investors that it won’t meet its second-quarter financial guidance because the viral outbreak in China has cut production of iPhones.
The Cupertino, California-based company says all of its iPhone manufacturing facilities in China have reopened, but production is ramping up slowly.
The company says demand for iPhones is also down in China because Apple’s retail stores are closed or operating with reduced hours.
Apple has 42 stores in China, and it’s the company’s third-biggest retail market for iPhones after the U.S. and Europe.
Apple says the situation is evolving and it will provide more information on its next earnings call in April.