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The number of new coronavirus infections in mainland China fell below 2,000 on Tuesday for the first time since January, although global experts warn it is still too early to say the outbreak is being contained.

The economic fallout from the epidemic spread to U.S. technology titan Apple, which warned of iPhone shortages and lower than expected revenue, while South Korea’s president called the situation in his country an economic emergency.

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Tough restrictions on travel and movement have helped to limit the spread of the virus outside the epicenter in Hubei province, but at great cost to the Chinese economy and global business.

Plummeting Apple sales

Apple Inc become the latest company to flag lower revenue as a result of the epidemic, saying it would not meet its guidance for the March quarter because of slower iPhone production and weaker demand in China.

The U.S. technology company’s manufacturing facilities in China had begun to reopen but they were ramping up more slowly than expected, and the resulting iPhone shortages would hit sales, it said in a statement to investors.