Coronavirus Jolts the IT Sector

We are continuously sharing news with our readers about the cancellation of different big tech events due to novel coronavirus, even the giant tech event MWC 2020 cancels. Dozens of technology conferences have been cancelled. It has also been observed that so many businesses have been shut down due to the Coronavirus. Recently, Samsung also shuts down its factory in South Korea. The Coronavirus jolted the overall IT sector.

Coronavirus Jolts the IT Sector

Other than that so many multinational organizations have shut down their workplaces. Coronavirus is adversely affecting society, economics, and political relationships.

Apple, the world’s most valuable tech company has also reported that it is reducing its revenue targets this quarter. Due to the cancellation of major tech events such as Mobile World Congress (MWC), Google I/O, and Facebook’s F8 event, the direct economic loss is almost $500 million.

A roughly $480 million of total loss came from the cancellation of MWC. One of the reports also shows that due to the cancellation of MWC event, the local economy of Barcelona city itself suffered losses of roughly $500 million. Due to the spread of the virus, all the major economies have taken a big hit.

In order to curb the spreading of the virus, the majority of tech giants are also opting work from home. The novel coronavirus is continuously shaking up the economies around the world and it is so obvious that how the tech industry can be immune to its effects.

Recommended Reading: Asian Stock Market Sinks as More Coronavirus Victims Have Diagnosed