A man and a child walk past a closed Apple store in Shanghai on Feb. 20. Photo: Yifan Ding/Getty Images

The coronavirus outbreak already is eating into companies' 2020 plans, with a number of firms announcing significant expected hits to their sales.

What's happening: After warning that it would need to write down its revenue expectations, a new report from Nikkei says Apple's iPhone inventories could remain low until April or longer and that suppliers are "currently operating at around 30% to 50% of capacity."

  • Adidas also said Wednesday that its business in and around China had dropped by about 85% year over year since Jan. 25.
  • Puma added that it expected the virus to hit sales and profits in the first quarter but still hoped to reach its 2020 targets.

What they're saying: "Retail in February is destroyed," Puma CEO Bjørn Gulden said in a statement. "We don’t know yet about March. We are doing everything we can to stay open."

Flashback: About 40% of companies that have reported earnings have cited the term “coronavirus,” and about a quarter of those have modified guidance due to the virus.

On the other side: “An aggressive response to the crisis [by the Chinese government] seems to be helping contain the epidemic,” Jefferies analyst James Grzinic told Reuters.

  • “[T]his would suggest that a tough first quarter should be followed by a strong recovery in the second quarter and beyond.”

Go deeper: Coronavirus may be "at the brink" of a global pandemic

Go deeper

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Illustration: Sarah Grillo/Axios

Civil rights leaders blasted Facebook's top executives shortly after speaking with them on Tuesday, saying that the tech giant's leaders "failed to meet the moment" and were "more interested in having a dialogue than producing outcomes."

Why it matters: The likely fallout from the meeting is that the growing boycott of Facebook's advertising platform, which has reached nearly 1000 companies in less than a month, will extend longer than previously anticipated, deepening Facebook's public relations nightmare.

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Photo: Kevin Lamarque-Pool/Getty Images

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Illustration: Sarah Grillo/Axios

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Why it matters: Just as the coronavirus pandemic has acted as an accelerant for the adoption of remote work, it has also normalized increased surveillance and data collection. In the post-pandemic workplace, our bosses will know a lot more about us than they used to.