5G network expected push Apple stock higher: Analyst
Apple Inc. Chief Executive Officer Tim Cook said the company has some suppliers in the Wuhan area of China impacted by the coronavirus outbreak, and is working with them to mitigate any production loss.
Cook said the impact outside of Wuhan is less clear. He said that the factories are starting back up after the Lunar Holiday on Feb. 10, later than expected, but Apple has already factored this into its guidance.
He said Apple has partly closed one retail store in China and some that have remained open have reduced operating hours. The company is also taking precautions, including additional cleaning of stores and taking the temperature of employees.
Apple last week began limiting travel in affected areas to business-critical situations, Cook said.Earlier on the call, Cook said Apple was closely following developments in Wuhan, and working closely with employees and partners. Apple is potentially at the heart of the issue, with millions of employees and factory workers in the region.
Chief Financial Officer Luca Maestri said that the wider-than-usual range for second-quarter results is due to the uncertainty surrounding the coronavirus.
--With assistance from Ian King.