The Biggest Tech Companies Break Silence on The Biggest Pandemic to Come Over in a Long Time

For some time now, the buzzing trending word on most company’s conference calls and agendas is “coronavirus” as investors and CEO’s are running amok seeking compensations regarding their investments and wondering how to get their companies back on track. Here are a few recorded instances of companies’ comments that have been made regarding the novel coronavirus (COVID-19) which has claimed 3,100 souls and is still running rampant among 93,000 infected cases.

Abercrombie & Fitch Co.quoted that they were expecting an adverse effect of $60 million to $80 million worth of sales as a result of the outbreak. It has also lost $4 million from a section of sales mainly issued from China’s stores. “We’ve given ourselves some provision I guess I would say on the European tourism business to continue to suffer a little bit as the travel restrictions get more and more intense,” CFO Scott Lipsky said during an earnings call, according to a FactSet transcript.

Agilent Technologies.Inc was expecting earnings in the range of 72 cents to 76 cents on revenue of $1.28 billion to $1.32 billion after potentially factoring in the impacts of the coronavirus. They anticipated a $25 million to $50 million hit in the first half, a $10 million revenue loss in the first quarter and an estimated $15 million to $40 million impact during the second quarter. “Our performance was impacted by the extension of the Lunar New Year holiday due to the coronavirus,” CFO Robert McMahon said. “This reduced the number of shipping days in China.”

Apple.Inc reportedly generates a whopping 15% of its entire revenue from China with many of its manufacturing plants laid all around the province of China. Boston Scientific Corp. boasts a $600 million business in China before the outbreak rolled out. The company has however since lowered their expectations by a quote-unquote range of $10 million to $40 million pay cut.

While it might take several years or even a decade to fully map out the repercussions of the outbreak, it might take a tad bit more time for the companies to recover their losses and resume freedom of trade.

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