Of the total, 52 are located in mainland China, Hong Kong and Taiwan, which are currently open. The company closed 458 stores outside Greater China on Mar 13 to slow down the spread of the coronavirus (COVID-19). Earlier projections for the tech giant’s second-quarter fiscal 2020 revenues were between $63 and $67 billion.The coronavirus pandemic that originated in China also dented iPhone’s demand. Citing data compiled by the China Academy of Information and Communications Technology, Reuters reported that Apple sold 494,000 iPhones in China during February, reflecting a 61% drop from 1.3 million in the year-ago period.Moreover, the company has been sluggish enough not to revive its production level to normalcy, which is impacting the global iPhone supply. While factories in China have resumed operations, Apple is facing weakening demand as the countries around the world enforce social distancing.For instance, Apple suppliers Foxconn and Wistron Corp. suspended production at their Indian plants, which primarily caters to the domestic markets, following nationwide lockdown until April 14. Although India is not a huge market for Apple, the production shutdown is expected to upset its iPhone supply in the near term.The supply-chain disruption apparently prompted Apple to limit online purchases of iPhones and other devices, last week. However, the company lifted its purchase restrictions early this week.
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Apr 05, 2020