Apple shares headed lower in morning trading Monday as the company faces uncertainty surrounding Foxconn, one of its suppliers, and the coronavirus.
Apple Inc. shares headed lower in morning trading Monday as investors and analysts continued to estimate what impact the coronavirus outbreak could have on the smartphone giant’s supply chain.
He estimates that it would take a week or two for the company to get to “full production” once the supply chain picks up in earnest, and now suppliers may not reach that point until the end of February or early March.
Apple addressed the coronavirus when it reported earnings on Jan. 28, with management noting that the company had alternate suppliers for those based in Wuhan, the epicenter of the outbreak, but had a “less clear” view of the impact in other areas. The company’s forecast for $63 billion to $67 billion in revenue “attempted to account for” the expectation that factories would resume operations on Feb.
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