Apple loses $27 million after it delays reopening of its Chinese iPhone plants

Apple loses $27 million after it delays reopening of its Chinese iPhone plants

- Apple reportedly lost $27 million following a delay in the reopening of its main Chinese iPhone plants

- Foxconn, which is the world’s largest contract device manufacturer and an important aspect of Apple's supply chain, was shut down for weeks

- Apple's stock meanwhile dropped by about 1.9% in early trading on Monday, February 10, 2020

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Apple has lost $27 million of its market value after it delayed the reopening of its main Chinese iPhone plants.

The world’s largest contract device manufacturer, Foxconn, which is a key element of Apple’s supply chain, was forced to shut down operations for weeks.

However, about 10 percent of its workers returned to work when it received permission to reopen its Zhengzhou plant but other factories remain closed at Monday, February 10, 2020.

Apple loses $27 million after it delays reopening of its Chinese iPhone plants
Source: Business Insider
Source: UGC

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On Tuesday, February 11, 2020, employees at the Shenzen plant were asked to work from home and it is expected that authorities will examine the closed facility soon.

On Monday, February 10, 2020, Apple’ stock slumped as much as 1.9% in early trading, business insider reports. has learned that the company will reveal its first 5G-capable iPhone lineup in the fall, though other reports have forecast a budget iPhone arriving as early as March 2020.

In other news, American technology company, IBM, has announced its intent to hand over the accounts of its employees to cloud-based proprietary instant messaging platform, Slack.

The deal soon led to an increase of 21% in Slack’s share price, aside making IBM Slack’s biggest client.

Per a report by Business Insider, IBM is set to deploy the messaging tool to all of its 350,000 employees across the globe. understands that this comes as the best trading session since Slack’s first day as a public company on June 20, 2019.

Reports, however, indicate that some IBM employees have been using Slack since 2014 and the partnership between the two brands began two years later.

This changed in late 2019 when IBM decided to go “all in”, thereby becoming the platform’s largest customer.

READ ALSO: Elon Musk's Space X set to launch first astronaut mission in three months

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