Companies across the country are doing their utmost to help combat the coronavirus, even if it means suspending the production of their normal products. This has already happened with the auto industry, which has undergone a massive effort to shift from automobile production to ventilators instead. Apple (NASDAQ: AAPL) has also stepped up to the plate, with the company announcing a major facemask donation, among other things.
Apple’s CEO, Tim Cook, went on to say that the company would be donating over 20 million face masks around the world in order to help combat the coronavirus. Additionally, he confirmed that production for face shields would be reaching one million units per week in a statement on Sunday.
“We plan to ship over 1 million by the end of this week, and over 1 million per week after that. In both these efforts, out focus is on unique ways Apple can help, meeting essential needs of caregivers urgently and at a scale the circumstances require, Cook said. “This is a truly global effort, and we’re working continuously and closely with governments at all levels to ensure these are donated to places of greatest need.”
These face shields from Apple can be quickly manufactured but are also easily set up, taking a little as two minutes to do so. Cook added these efforts are part of a company-wide initiative to shift production away from iPhones and other products to instead produce healthcare supplies.
Shares of Apple are up 4% in premarket trading in light of the news. Like the rest of the market, the tech giant’s stock has tumbled significantly over the past couple of months, although Apple’s market cap is still above the one trillion-dollar mark. While its unlikely for shares to recover in the near future, Apple’s been faring much better than other companies in the U.S.
As for the coronavirus itself, total cases have eclipsed 1.25 million around the world, with the U.S. leading the way with 337,000 cases. Healthcare authorities in America are warning that the next couple of weeks could be the worst in terms of patient outbreaks and ventilator demand. As much as a quarter of the total U.S. economy has been shut down as a result of this pandemic, and it’s anyone’s guess as to how much longer it will remain like this.
Apple Company Profile
Apple designs a wide variety of consumer electronic devices, including smartphones (iPhone), tablets (iPad), PCs (Mac), smartwatches (Apple Watch), and TV boxes (Apple TV), among others. The iPhone makes up the majority of Apple’s total revenue. In addition, Apple offers its customers a variety of services such as Apple Music, iCloud, Apple Care, Apple TV+, Apple Arcade, Apple Card, and Apple Pay, among others. Apple’s products run internally developed software and semiconductors, and the firm is well known for its integration of hardware, software and services. Apple’s products are distributed online as well as through company-owned stores and third-party retailers. The company generates about 40% of its revenue from the Americas, with the remainder earned internationally. – Warrior Trading News