Apple, In Memo, Says May Not Meet Revenue Targets Due To Coronavirus

Apple Inc. Chief Executive Officer Tim Cook sent all employees a memo addressing the impact of the coronavirus on the company. That came after Apple issued a statement saying that it would miss revenue guidance for the current quarter due to supply constraints and diminished demand related to the outbreak.

In the email, Cook mentioned Apple's teams working on the fallout from the virus and said that the safety of employees, partners and customers is the company's central concern.

Here is the memo, which was obtained by Bloomberg News:

Team,

The response to COVID-19 has touched the lives of so many in the Apple family, and I want to thank everyone for their dedication, empathy, understanding, and care. Today, we more than doubled our donation to support the historic and global health response.

Our paramount concern is with the people who make up Apple's community of employees, partners, customers, and suppliers in China. I also want to recognize the many people across our teams who have been working around the clock to manage Apple's global COVID-19 response with diligence and thoughtfulness.

Corporate offices and contact centers have reopened across China, and our stores are starting to reopen, but we are experiencing a slower return to normal conditions than we had anticipated. This afternoon, I shared this update with our community of shareholders and investors to note that we do not expect to meet the revenue guidance we provided for the March quarter. Outside of China, customer demand across our product and service categories has been strong to date and in line with our expectations. Apple is fundamentally strong, and this disruption to our business is only temporary.

Our first priority - now and always - is the health and safety of our employees, supply chain partners, customers, and the communities in which we operate. Our profound gratitude is with those on the front lines of confronting this public health emergency.

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