Tuesday’s Headlines: Apple Won’t Meet Quarterly Revenue On iPhone Production
1. Apple said on Monday that it does not expect to meet its quarterly revenue forecast because of a lower iPhone supply globally. The company initially said that it expected to report net sales between $63 billion to $67 billion in its fiscal second quarter, but did not provide a new forecast for its fiscal second-quarter revenue on Monday. Apple makes most of its iPhones in China, with the virus temporarily halting production, as well as forcing stores to close. Get the full story here.
2. Tesla has been ordered by a German court to temporarily halt preparations for its new European Gigafactory due to environmental reasons. Tesla does not yet have planning permission to build its new factory, with German courts now deciding to consider an appeal from local activists opposed to forest clearance by the company. CEO Elon Musk has praised Germany’s engineering prowess and said it’s “part of the reason” it is locating its plant there, picking the central European country over Britain due to Brexit concerns. Read more here.
3. EU industry commissioner Thierry Breton said on Monday it was Facebook’s responsibility to adapt to Europe’s standards, not the other way round, as he criticized the social media giant’s proposed internet rules as insufficient. The blunt comments came after a short meeting with Facebook CEO Mark Zuckerberg and two days before Breton is due to present the first of a raft of rules to rein in U.S. tech giants and state-aided Chinese companies. Breton will announce proposals on Wednesday aimed at exploiting the EU’s trove of industrial data and challenging the dominance of Facebook, Google, and Amazon. Get the complete report here.