Apple warns over sales as coronavirus hits Chinese demand

Apple Inc (NASDAQ:AAPL) has become the first major US company to issue a trading warning due to the impact of the coronavirus on its supply chain and shops in China. “Worldwide iPhone supply will be temporarily constrained," said the tech titan, which had forecast revenues of US$67bn in the quarter to March. The iPhone maker said even though most of its manufacturing partners are based outside the area of the main outbreak of coronavirus in Hubei province, they had been affected and were ramping up to full production more slowly than expected. All its stores in China are closed while open partner stores are running at reduced hours, it added. Smartphones sales in China are forecast to halve in the first quarter due to the measures to contain the virus, though they have been reports that the number of new cases is starting to decline. Shares in Apple were little changed in overnight trading at US$325.