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Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

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Photo: Nicolas Asfouri/AFP via Getty Images

China figured prominently throughout Apple's earnings report on Tuesday, helping fuel the company's record holiday quarter, but also playing a role in the uncertainty hanging over the current quarter.

Why it matters: Apple is the latest company to flag that China's coronavirus outbreak could harm near-term business.

  • A year after weakness in Greater China prompted a rare earnings warning, Apple returned to growth in the region. The company said it saw double-digit growth in sales of the iPhone and in its services and wearables businesses.

Yes, but: China was also the source of caution throughout Apple's conference call on Tuesday. Specifically, CEO Tim Cook noted that:

  • The company's $63 billion to $67 billion revenue outlook for the current quarter, though better than some analysts had forecast, had a wider range due to uncertainty over the impact of the coronavirus.
  • Apple has closed one of its stores in China, while third-party retailers have closed some distribution points and reduced the operating hours at others. Also, traffic is down at retail stores outside Wuhan.
  • Some suppliers are based around Wuhan, thought to be ground zero for the outbreak, though Apple said it had other sources for all the components it gets there. The impact on suppliers outside of Wuhan is less clear.
  • Factories in China are starting back up later than normal following the Lunar New Year holiday, Cook said, with production due to resume Feb. 10.
  • Apple has limited travel of its employees to China to "business critical" situations. But Apple, of course, has a lot of critical business in China, since nearly all its hardware is manufactured there.

The bottom line: It's too soon to say how great the human impact of the outbreak will be, but it's already a major source of economic risk.

Go deeper: The Fed confronts the coronavirus risk

Go deeper

Trio of Saturday mass shootings rock U.S.

Police officers in New York City's Times Square on Saturday. Photo: David Dee Delgado/Getty Images

The U.S. was hit by mass shootings in New York City's Times Square, a shopping mall in Florida and at a townhome near Baltimore that left four people dead, including the suspected shooter.

The big picture: Since President Biden took office in January, over 700 people have been injured or killed in 139 mass shootings as of late last month.

2 hours ago - World

Scottish first minister vows independence referendum after election win

Scotland's First Minister and leader of the Scottish National Party, Nicola Sturgeon, reacts after being declared the winner of the Glasgow Southside seat at Glasgow counting centre in the Emirates Arena in Glasgow on Friday. Photo: Andy Buchanan /AFP via Getty Images

Scotland's First Minister Nicola Sturgeon announced plans Saturday for a second independence referendum once the pandemic has abated following the country's parliamentary elections.

The big picture: Sturgeon's Scottish National Party won 64 seats, one seat short of an outright majority in the 129-seat Parliament. But most seats went to pro-independence parties.

5 hours ago - World

India records its deadliest day of the pandemic

A health worker moving an oxygen cylinder in a coronavirus ward of a hospital in New Delhi on May 8. Photo: Raj K Raj/Hindustan Times via Getty Images

India saw its deadliest day of the pandemic yet with more than 4,180 confirmed COVID-19 deaths reported Saturday.

Why it matters: The country has recorded more than 21.8 million coronavirus cases and 238,270 deaths since the pandemic began. The true numbers, however, are likely much higher, experts say, as the country battles a continued surge in cases that has left hospitals and health workers overwhelmed.

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