New York (CNN Business) Apple warned investors on Monday that the ongoing coronavirus outbreak is hurting its business more than previously expected by limiting how many devices it can make and sell in China.

In an investor update , Apple said it no longer expects to meet the revenue guidance it provided last month for the upcoming March quarter. "Work is starting to resume around the country, but we are experiencing a slower return to normal conditions than we had anticipated," the company said.

Much of Apple's manufacturing operations are based in China, which has been hardest hit by the coronavirus outbreak. Nearly half the country's population are living under some form of travel restrictions

A security guard wearing a protective mask stands guard inside an Apple Inc. store in Shanghai, China, on Saturday, Feb. 15, 2020.

"The health and well-being of every person who helps make these products possible is our paramount priority, and we are working in close consultation with our suppliers and public health experts as this ramp continues," Apple said. "These iPhone supply shortages will temporarily affect revenues worldwide."

Apple AAPL temporarily closed all of its stores in China. While the company said it is "gradually reopening" stores, those locations have reduced hours and that foot traffic is "very low."