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Apple shares sank as much as 3.2% early Tuesday after the company announced it would miss its fiscal second-quarter revenue expectations because of the coronavirus outbreak.

The outbreak has "temporarily constrained" global iPhone supply and dragged on demand in China, Apple said in a Monday press release.

Apple said that "work is starting to resume around the country" but that its production lines "are experiencing a slower return to normal conditions than we had anticipated."

The stock tumble saw as much as $45 billion erased from Apple's market value after Tuesday's open.

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Apple shares tumbled as much as 3.2% in early-Tuesday trading after the company announced that the coronavirus outbreak would cut into its quarterly revenue more than expected.

In a press release on Monday, the tech giant nullified its previous guidance for the March quarter, citing "temporarily constrained" iPhone supply and weaker demand in China. The Foxconn factories that produce iPhones are gradually ramping up production in the country over the next few months after a mandatory shutdown, creating a temporary product shortage for the flagship product.

Apple's operations in China will also take a hit in the near term, as all its stores and several partner stores were closed to prevent the further spread of the virus. Some locations have since reopened, but with reduced hours and weaker customer traffic. The company said it planned to reopen its retail locations "as steadily and safely" as it can.

The stock slump saw as much as $45 billion wiped from Apple's market valuation following Tuesday's open.

Apple said the guidance in its previous earnings report "reflected the best information available at the time as well as our best estimates about the pace of return to work" after the extended Lunar New Year holiday.

"Work is starting to resume around the country, but we are experiencing a slower return to normal conditions than we had anticipated," Apple added.

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The virus' death toll sat at 1,873 people on Tuesday, with more than 72,000 other people infected. The virus has spread to 26 other countries, and five deaths have been reported outside of mainland China: one in Japan, one in Hong Kong, one in the Philippines, one in Taiwan, and one in France.

The company's fiscal first-quarter earnings topped expectations in late January, and it gave a wider than usual revenue forecast for the next quarter because of coronavirus uncertainties. The outbreak has since crippled several other companies' operations in China; Starbucks has closed thousands of locations, while Tesla halted production at its Shanghai Gigafactory.

The news doesn't seem all bad for the Cupertino, California-based company, Goldman Sachs analysts led by Rod Hall wrote in a Monday research note. The bank lifted its guidance for Apple's volume expectations in the second half of 2020, assuming that some revenue lost in upcoming quarters "materializes later as new devices launch."

Apple's increasingly important services business will face few headwinds from the outbreak, the Goldman Sachs team added.

Apple closed at $324.95 per share on Friday, up 11.5% year-to-date.

The company has 28 "buy" ratings, 15 "hold" ratings, and four "sell" ratings from analysts, with a consensus price target of $337.17, according to Bloomberg data.

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