Shares of Apple Inc fell 2 % on Tuesday and dragged the stocks of its suppliers ...
- Shares of Apple Inc fell 2 % on Tuesday and dragged the stocks of its suppliers across the globe lower, after the iPhone maker warned of lower sales in the current quarter acknowledging that the coronavirus outbreak was pressuring its supply chain.
However, several Wall Street brokerages dubbed Apple’s update forecast as a “near-term headwind,” saying the company is performing strongly outside China and the launch of 5G phones later this year would further boost sales. In late January, Apple had forecast $63 billion to $67 billion in revenue for the quarter ending in March. It did not provide a new revenue estimate or a profit forecast on Monday.
One of the primary iPhone manufacturing facilities in China is operating at a 25% factory utilization rate as many workers remain absent, Cowen analysts estimated.
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