Photo: Nicolas Economou/NurPhoto via Getty Images

Microsoft does not expect its PC unit, which includes Windows and Surface, to meet its previous quarterly revenue guidance due to the impact of the coronavirus on computer production, the company said in a Wednesday statement.

Our thought bubble, via Axios' Ina Fried: It's PC supply, not demand, that is below expectations, as the supply chain — much of which is in China — has been slower to return to full production.

  • Apple warned last week that it would miss estimates, citing the dual impact of the coronavirus both slowing hardware production and decreasing demand in China as consumer spending slowed.

Where it stands: 69% of U.S. consumers are concerned about the coronavirus outbreak's impact on the U.S. economy, according to a Morning Consult poll conducted from Feb. 24–26.

  • Roughly 2,000 adults were surveyed by Morning Consult with a margin of error of ±2%.

What they're saying:

"Although we see strong Windows demand in line with our expectations, the supply chain is returning to normal operations at a slower pace than anticipated at the time of our Q2 earnings call.
As a result, for the third quarter of fiscal year 2020, we do not expect to meet our More Personal Computing segment guidance as Windows OEM and Surface are more negatively impacted than previously anticipated. All other components of our Q3 guidance remain unchanged."
— Microsoft's statement

Go deeper: Apple's coronavirus warning foreshadows broader threat for tech

Go deeper

Updated 52 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 8 a.m. ET: 33,137,748 — Total deaths: 998,372 — Total recoveries: 22,952,164Map.
  2. U.S.: Total confirmed cases as of 8 a.m. ET: 7,116,456 — Total deaths: 204,762 — Total recoveries: 2,766,280 — Total tests: 101,298,794Map.
  3. States: 3 states set single-day coronavirus case records last week
  4. Health: The childless vaccine. The long-term pain of the mental health pandemic
  5. World: India the second country after U.S. to hit 6 million cases
Dion Rabouin, author of Markets
1 hour ago - Economy & Business

Big Tech's share of the S&P 500 reached record level in August

Expand chart
Reproduced from The Leuthold Group; Chart: Axios Visuals

The gap between the weighting of the five largest companies in the S&P 500 and the 300 smallest rose to the highest ever at the end of August, according to data from the Leuthold Group.

Why it matters: The concentration of wealth in a few massive U.S. tech companies has reached a scale significantly greater than it was before the dot-com bubble burst.

Fortune 100 companies commit $3.3 billion to fight racism and inequality

Data: Fortune 500, Axios analysis of company statements, get the data; Chart: Andrew Witherspoon, Naema Ahmed/Axios

Big businesses continue to push funding toward fighting inequality and racism, with the 100 largest U.S. companies' monetary commitments rising to $3.33 billion since the death of George Floyd at the hands of Minneapolis police earlier this year, according to an Axios analysis.

Why it matters: The continued pace of funding commitments shows that months after Floyd's death there remains pressure for the wealthiest corporations to put their money behind social issues and efforts.