what happened?
Shares of tech giant Apple Inc (AAPL 2.17%) fell today after announcing that Foxconn, one of Apple’s largest suppliers, had to close operations at two of its factories in China.
The tech sector fell as much as 2.1%, down 1% by 2:13 p.m. Eastern time.
So what
The South China Morning Post reported this morning that two Foxconn factories have been closed since April 20 as some workers at the factory contracted COVID-19.
China has a very strict zero-coronavirus policy and businesses may close if new coronavirus cases are found. The country also continues to lock down entire cities, with Shanghai currently under a lockdown order.
Apple and other tech companies are already grappling with supply chain issues stemming from the coronavirus outbreak, and news of the shutdown of two Foxconn factories has some investors worried that Apple could face more production delays.
It is unclear whether Apple will be directly affected by the closure of Foxconn’s factories, which itself told Al Jazeera that production has been moved to other factory locations.
China has a very strict zero-coronavirus policy and businesses may close if new coronavirus cases are found. The country also continues to lock down entire cities, with Shanghai currently under a lockdown order.
Apple and other tech companies are already grappling with supply chain issues stemming from the coronavirus outbreak, and news of the shutdown of two Foxconn factories has some investors worried that Apple could face more production delays.
It is unclear whether Apple will be directly affected by the closure of Foxconn’s factories, which itself told Al Jazeera that production has been moved to other factory locations.
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