Apple is the first and largest (by default) company to come out and explicitly warn for calendar Q1 half way through the quarter. The reasoning is two-fold and both shouldn’t be a shock: First; the worldwide iPhone supply is temporarily constrained; “While iPhone manufacturing partner sites are located outside the Hubei province – and while all of these facilities have reopened – they are ramping up more slowly” than Apple anticipated. iPhone supply shortages will temporarily affect revenues worldwide. Second; “demand for products within China has been affected.” All of Apple’s own stores, plus many partner stores have been closed. Low customer traffic is also cited. Outside of China, customer demand across product and service categories has been strong to date and in line with Apple’s expectations.