The Coronavirus pandemic has taken a major toll on many tech industries around the world including Apple Inc. Due to the new social distancing guidelines being enforced and Apple stores closing around the World caused a massive decline in Apple’s stock and the prosperity of the company which just recently released new devices.
Apple is a multinational tech company that produces electronics that millions of people rely on daily. Their products range from phones, tablets, laptops to even earphones. With the latest release of the iPhone 11 and the new Airpod Pro people were waiting to try them out until later in March where all Apple stores in the NY region closed down.
Although this virus leads to a decline in revenue for Apple, the company took precautions because of COVID-19 by shutting down all retail stores, corporate offices, and contact centers in China for two to four weeks during late January. Apple saw the incline in the number of cases infected and took immediate action ensuring their workers and facilities remained safe.
Apple has taken progressive strides to aid people affected by COVID-19 as they stated on their website, “Apple’s committed donations to the global COVID-19 response both to help treat those who are sick and to help lessen the economic and community impacts of the pandemic, today reached $15 million worldwide. We’re also announcing that we are matching our employee donations two-to-one to support COVID-19 response efforts locally, nationally, and internationally.”
They also closed their stores and facilities in mainland China, which is where the outbreak of the virus occurred, but did reopen facilities and stores on March 13 as the number of cases drastically diminished.
Apple has taken a progressive approach to this crisis as they stated, “In all of our offices, we are moving to flexible work arrangements worldwide outside of Greater China. That means team members should work remotely if their job allows, and those whose work requires them to be on-site should follow guidance to maximize interpersonal space. Extensive, deep cleaning will continue at all sites. In all our offices, we are rolling out new health screenings and temperature checks.”
Apple’s stock is currently fluctuating at extremely high and low values and has not met its revenue goal of $63 million, however, the company is still profitable due to its streaming services. Monthly subscriptions of Apple Music, Apple tv, and purchasing in iCloud ensure they are making enough money to keep their business running the same and producing more products to buy online.