Apple is still reportedly planning to launch a new iPhone next month even though the coronavirus has rattled its supply chain in China

• Apple is still reportedly planning to release a low-cost iPhone next month despite supply chain setbacks caused by the coronavirus outbreak, according to Bloomberg.
• The company said on Monday that it does not expect to meet its revenue target for the March quarter because of slowed demand in China and supply constraints.
• The rumored budget-friendly iPhone is expected to resemble the iPhone 8 but with the same processor as the iPhone 11 and iPhone 11 Pro, according to previous reports.
• Visit Business Insider's homepage for more stories.

Apple is still planning to release its rumored low-cost iPhone next month despite disruptions to its China-based supply chain resulting from the novel coronavirus, according to Bloomberg.

The tech giant said on Monday that it does not expect to meet its revenue target for the March quarter because of supply constraints and slowing demand in China caused by the coronavirus, which has killed at least 1,800 people and infected more than 72,000. Apple said that although its iPhone manufacturing sites have re-opened, they are ramping up more slowly than the company had anticipated.

Still, the company's plan to release a $400 iPhone remains on track for March, according to Bloomberg. That phone, which many have speculated will be called the "iPhone 9" or "iPhone SE 2," is expected to be a follow-up to the $400 iPhone SE from 2016, but with a refreshed look that resembles the iPhone 8.

The new less expensive iPhone will reportedly have a 4.7-inch screen and a design similar to the iPhone 8, but with the same processor found in the iPhone 11 and iPhone 11 Pro, according to reports from Bloomberg, TF International Securities analyst Ming-Chi Kuo, and Nikkei Asian Review.

Apple did not immediately respond to Business Insider's request for comment.

Apple factored uncertainties around how the coronavirus would impact its business into its fiscal second-quarter revenue guidance when it reported earnings at the end of January. Back then, it said it expected revenue of between $63 billion and $67 billion for the March quarter.

But on Monday, the company said that guidance it issued in late January was based on the best information available at the time, saying that it now expects its March quarter guidance to be lower than those projections.

Other than the rumored sequel to the iPhone SE, Apple is expected to release a new iPad Pro model with 3-D cameras, a new Tile-like accessory believed to be called "AirTags" that would help owners find lost items with their iPhone, and high-end headphones in the first half of 2020, according to Kuo.

Bloomberg's report does not mention whether any of those specific products are on schedule to be released in the coming months, but does say the outbreak could result in restraints or delays to the forthcoming iPad Pro.