Illustration by Alex Castro / The Verge

In a rare investor update on Monday, Apple said the global effects of the coronavirus outbreak are having have a material impact on the company bottom line. The company does not expect to meet its own revenue guidance for the second quarter due to the impact of the virus, and warns that “worldwide iPhone supply will be temporarily constrained.” Store closures and reduced retail traffic in China are also expected to have a significant impact.

All of Apple’s iPhone manufacturing partner sites have been reopened but are “ramping up more slowly than we had anticipated,” which means that fewer iPhones than expected will be manufactured. As a result, “[t]hese iPhone supply shortages will temporarily affect revenues worldwide,” says Apple.

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Apple warns revenue will be lower than expected because of coronavirus impact
Source: New feed