During a pep talk for shareholders at the company’s annual meeting, Apple CEO Tim Cook called the coronavirus a “challenge” for the company noting that the effects of the virus, which have closed factories and stores throughout China, pose significant issues for the iPhone maker, Bloomberg is reporting.
Citing iPhone supply constraints and lost retail sales in China, Apple announced earlier this month that it wouldn’t meet its revenue forecast of more $63 billion for the current quarter. The company has so far re-opened 29 of its 42 retail store locations in China, although most of them are still operating on shortened hours.
In prepared remarks at Apple’s shareholder meeting at Cupertino, California, Cook said that the annual revenue of over $40 billion from wearables like AirPods and Apple Watch compares with that of Marriott International and Visa Inc.:
Answering questions from the audience, Cook said for the first time that Apple would open its online store in India this year, with the first retail stores opening in the country in 2021.
On a much lighter note, Cook was asked why the company didn’t acquire the rights to the show “Friends” for its TV+ streaming service. The CEO said the company is focused on developing original shows rather than buying old offerings.
The shareholders re-elected Apple’s board during the meeting, including Tim Cook and former U.S. Vice President Al Gore.