- Home
- slideshows
- miscellaneous
- Microsoft saw $62 billion of market value erased after it said coronavirus will hit profits this year. Here are 6 other companies that have issued similar warnings - and how much they've lost
Microsoft saw $62 billion of market value erased after it said coronavirus will hit profits this year. Here are 6 other companies that have issued similar warnings - and how much they've lost
Microsoft
Apple
Market cap erased on trading day after update: $26 billion
Apple nullified its previous guidance for the March quarter on February 17, citing "temporarily constrained" iPhone supply and weak demand in China. The company previously closed all of its retail locations in China to curb further spreading of the virus. Apple deemed its now-rescinded guidance "wider-than-usual" in its last earnings report due to uncertainties surrounding the outbreak.
Mastercard
Market cap erased on trading day after update: $21.9 billion
Mastercard announced on Monday it would lower its first-quarter and full-year revenue forecasts, citing the virus' impacts on travel and e-commerce growth. The credit card company expects quarterly revenue growth to slow by 2% to 3% if the outbreak continues to grow at its current pace. Yearly revenue growth would stand "at the low end of the low-teens range" if the virus' impact is limited to the first quarter, Mastercard added.
"There are many unknowns as to the duration and severity of the situation and we are closely monitoring it," the company said, adding it would update investors again in its first-quarter earnings call.
Coca-Cola
Market cap erased on trading day after update: $6 billion
Coca-Cola reaffirmed its full-year guidance on Friday but warned of an earnings per share hit of 1 cent to 2 cents in the first quarter. The beverage giant said the outbreak disturbed its supply chain, including the shipment of artificial sweeteners from China. Its diet and zero-sugar products were hit with an export delay, Coca-Cola said Monday in a regulatory filing.
The company expects to give more detail on the virus' effect on business in its April earnings report.
Royal Caribbean Cruises
Market cap erased on trading day after update: $1.5 billion
Royal Caribbean Cruises has issued a number of guidance updates through February as it cut more trips in Southeast Asia. The latest adjustment came Tuesday when it brought the total to 30 canceled trips. The company also issued several itinerary modifications for its business in the region.
Royal Caribbean expects the virus' impact to erase 90 cents from 2020 earnings per share, adding that the cancellation of all trips to Asia through April would add another 30-cent hit to the profitability metric.
United Airlines
Market cap erased on trading day after update: $1.2 billion
United Airlines was the first US airline to withdraw its annual revenue guidance, attributing the decision to heightened uncertainty around weakened travel activity. The company was experiencing "an approximately 100% decline in near-term demand to China" and a 75% drop in demand to its other trans-Pacific routes, according to a Monday regulatory filing.
Now read more markets coverage from Markets Insider and Business Insider:
Popular Right Now
Popular Keywords
Advertisement