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On February 18, apple (324.95, 0.08, 0.02%) fell more than 4% in front of the U.S. stock market. Earlier, Apple announced that the global iPhone supply was tight due to the outbreak, and the quarterly revenue target as of March would not be achieved.
"Work began to resume across China, but the pace of return to normal was slower than we expected," the company said in a statement on Monday. Apple said the global iPhone supply would be "temporarily limited" by the impact of store closures or limited time operations, and the lack of customer traffic, as well as the demand for products in China.
Apple said the iPhone shortage will affect its global revenue for some time.
The company now expects revenue of $62.4 billion in the first quarter. Previously, apple expected revenue of US $63-67 billion in the first quarter of 2020.
Apple didn't give a new revenue forecast for the second quarter. The Cupertino, Calif. - based technology giant said it would share more information at its April earnings call.

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