−Removed: The business, financial condition and operating results of the Company can be affected by a number of factors, whether currently known or unknown, including but not limited to those described in Part I, Item 1A of the 2019 Form 10-K under the heading “Risk Factors,” any one or more of which could, directly or indirectly, cause the Company’s actual financial condition and operating results to vary materially from past, or from anticipated future, financial condition and operating results.
+Added: The business, financial condition and operating results of the Company can be affected by a number of factors, whether currently known or unknown, including but not limited to those described in Part I, Item 1A of the 2019 Form 10-K and Part II, Item 1A of the Form 10-Q for the quarter ended March 28, 2020 (the “second quarter 2020 Form 10-Q”), in each case under the heading “Risk Factors,” any one or more of which could, directly or indirectly, cause the Company’s actual financial condition and operating results to vary materially from past, or from anticipated future, financial condition and operating results.
Any of these factors, in whole or in part, could materially and adversely affect the Company’s business, financial condition, operating results and stock price.
−Removed: Except as set forth below, there have been no material changes to the Company’s risk factors since the 2019 Form 10-K.
−Removed: The Company’s business, results of operations, financial condition and stock price have been adversely affected and could in the future be materially adversely affected by the COVID-19 pandemic.
−Removed: COVID-19 has spread rapidly throughout the world, prompting governments and businesses to take unprecedented measures in response.
−Removed: Such measures have included restrictions on travel and business operations, temporary closures of businesses, and quarantines and shelter-in-place orders.
−Removed: The COVID-19 pandemic has significantly curtailed global economic activity and caused significant volatility and disruption in global financial markets.
−Removed: The COVID-19 pandemic and the measures taken by many countries in response have adversely affected and could in the future materially adversely impact the Company’s business, results of operations, financial condition and stock price.
−Removed: During February 2020, following the initial outbreak of the virus in China, the Company experienced disruptions to its manufacturing, supply chain and logistical services provided by outsourcing partners, resulting in temporary iPhone supply shortages that affected sales worldwide.
−Removed: Also, the Company’s sales of its products in China were adversely affected as public health measures and other actions to curb the spread of the virus, including the temporary closure of the Company’s retail stores and channel partner points of sale, were put in place.
−Removed: The virus spread further around the world as the quarter progressed, and social distancing measures and shelter-in-place orders were introduced in many countries.
−Removed: Effective March 13, 2020, the Company temporarily closed all of its retail stores outside of China.
−Removed: The Company has also required substantially all of its employees in all of its offices outside of China to work remotely.
−Removed: Additionally, many of the Company’s channel partner points of sale outside of China temporarily closed.
−Removed: As a result, the Company also experienced weakened demand for its products and services outside of China during the last three weeks of the quarter.
−Removed: The COVID-19 pandemic has continued to adversely impact demand for certain of the Company’s products and services through April 2020.
−Removed: The Company is continuing to monitor the situation and take appropriate actions in accordance with the recommendations and requirements of relevant authorities.
−Removed: The full extent of the impact of the COVID-19 pandemic on the Company’s operational and financial performance is currently uncertain and will depend on many factors outside the Company’s control, including, without limitation, the timing, extent, trajectory and duration of the pandemic, the development and availability of effective treatments and vaccines, the imposition of protective public safety measures, and the impact of the pandemic on the global economy and demand for consumer products.
−Removed: Additional future impacts on the Company may include, but are not limited to, material adverse effects on:
−Removed: demand for the Company’s products and services;
−Removed: the Company’s supply chain and sales and distribution channels;
−Removed: the Company’s ability to execute its strategic plans;
−Removed: and the Company’s profitability and cost structure.
−Removed: To the extent the COVID-19 pandemic adversely affects the Company’s business, results of operations, financial condition and stock price, it may also have the effect of heightening many of the other risks described in Part I, Item 1A of the 2019 Form 10-K under the heading “Risk Factors.”
+Added: Except for the risk factor disclosed in Part II, Item 1A of the second quarter 2020 Form 10-Q , which is hereby incorporated by reference into this Part II, Item 1A of this Form 10-Q, there have been no material changes to the Company’s risk factors since the 2019 Form 10-K.
| Q3 2020 Form 10-Q | 33
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.