Home Economics Apple’s coronavirus warning just shaved $34 billion off its stock market value

Apple’s coronavirus warning just shaved $34 billion off its stock market value

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A string of US companies has been cautioning investors that first quarter sales could take a hit from the spread of coronavirus. Apple (AAPL) just made it all more real.
The $1.4 trillion company put out a surprise investor update on Monday, warning that it no longer expects to meet the revenue guidance provided last month.
Notably, the company isn’t just concerned about a hit to demand for Apple products within China — which had been expected, since all its stores there have been closed. It also faces issues with iPhone production. Such supply chain issues have been a chief concern for economists tracking broader fallout from the new coronavirus.
“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.
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