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Stock Alert: Apple Tumbles After Warning About Coronavirus Impact

Apple Inc. (AAPL) is down nearly 3% on Tuesday morning after the iPhone maker said it would probably won't meet sales guidance due to coronavirus impact.

The Cupertino, California-based company said it would not be able to meet its previously issued revenue guidance of between $63 billion to $67 billion for the quarter ending in March.

The tech giant cited the worldwide iPhone supply shortages due to the production disruption in China, as well as weakened demand among Chinese consumers due to the 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.

Apple temporarily closed all of its stores in China. The company said it is gradually reopening stores, but those locations have been operating at reduced hours and with very low customer traffic.

Analysts polled by Thomson Reuters currently expect the company to report revenues of $65.26 billion for the quarter. Analysts' estimates typically exclude special items.

AAPL is currently trading at $316.98, down $7.97 or 2.45%, on the Nasdaq.

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