Apple Drops After Warning But Analysts See Short-Term Hit
- Shares fall 2.6%, but are up more than 80% from a June low
- Analysts say news wasn’t unexpected and could have been worse
This article is for subscribers only.
Apple Inc. shares fell on Tuesday, after the company said the fallout from the coronavirus would cause it to miss its sales targets this quarter.
The news was not entirely unexpected, as the iPhone maker has been grappling with the virus for several weeks, and the fallout has resulted in some manufacturing delays and closed retail stores in China. Last month, it issued a wider-than-usual sales forecast on account of the virus.