Apple CEO Says China Factories Nearly At Full Production
Apple’s CEO Tim Cook says that the tech giants Chinese factories are closer to resuming full production, despite the coronavirus still grappling the world and iPhone supplies.
Cook said he was ‘very optimistic’ that the country is reigning in the potentially fatal COVID-19, that has infected nearly 90,000 globally and killed over 3,000 with infections spreading to 67 countries.
The tech giant’s Chinese plants have reopened and are building progress toward getting back to full speed after the virus forced temporary closures in some factories, Cook told the Fox Business Network.
‘I think of this as sort of the third phase of getting back to normal,’ Cook told Fox, highlighting that some components of the Apple’s iPhones are produced all over the world.
‘It feels to me that China is getting the coronavirus under control. You look at the numbers, they’re coming down day by day by day.’
Apple had previously warned investors that its global iPhone supply would be ‘temporarily constrained’ due to the factory closures in key locations across China that were taking longer than expected to get production back up and running after reopening.
The company also revealed it did not expect to hit quarterly revenue guidance due to supply issues associated with the virus, alongside a decline in demand for its products in China.
China has been struck particularly hard by the coronavirus, which is believed to have originated from its Wuhan district, having recorded up to 80,000 infections and up to 3,000 deaths so far.
Apple’s stock price dropped 6.5 per cent on Thursday, posting an even bigger loss than the Nasdaq 100 index, which sank 4.9 per cent. Apple shares were also down 1.7 per cent in premarket trading at $268.79 as of 7.22am on Friday.