How Much Could Apple's iPhone Shipments Fall Due to Coronavirus?

The COVID-19 pandemic has roiled equity markets, and the downward trajectory that began in late February is likely to extend in the near term as governments continue to take stock of the economic impact of the outbreak.

Several countries have shut their borders and announced lockdowns. As a result, consumers are spending less on non-essential goods and services and delaying purchases. This is expected to hit the top line of several companies by a significant margin.

One tech giant that is set to experience a considerable decline in revenue is Apple (NASDAQ: AAPL). The company generates a majority of sales from its flagship product -- the iPhone. In the December quarter, iPhone sales rose 7.7% to $56.0 billion and accounted for 61% of total revenue. This growth was driven by strong demand for the company's new lineup of smartphones.

Source Fool.com