In discussions about their quarterly results, C-suite executives gave a glimpse of the pain their businesses are facing during nearly seven weeks of severe restrictions on movement in China.
The list below shows some companies bearing the brunt of China's efforts to tackle its biggest COVID-19 outbreak:
COMPANY IMPACT WHAT THEY SAID
Apple Inc Q3 sales to Supply-chain issues would hurt
be hurt by sales "substantially larger" than
$4 billion the hit in Q2
to $8
billion
Tesla Inc Lost about a Halted most of its production at
month of Shanghai plant due to problems
build volume securing parts for its electric
out of its vehicles
Shanghai China sales slumped 98% in April
factory due from a month earlier
to the
shutdowns
Texas Reduced Issues arising from lockdowns were
Instruments midpoint of primarily due to disruptions at
its the factories of its customers and
second-quart not due to shipping or
er revenue distribution problems
estimates by
10%
Amkor Sees revenue Expects its Shanghai factory to
Technology impact of return to normal production during
around $120 the second half of Q2
million
Infineon Sees a Further material shortages and
Technologies revenue supply chain disruptions are
AG shortfall in looming; see shortages affecting
Q3; says many of customers
there is a
"net
double-digit
-million
euro impact"
Starbucks Suspends "Have virtually no ability to
Corp guidance for predict our performance in China
rest of in back half of the year" -
fiscal 2022 Starbucks China CEO Sees "even
greater impact" to Q3 results due
to timing of Shanghai lockdowns
and resurgence of virus in
Beijing, other cities
Walmart Inc Cuts FY, Q2 China gross profit decreased in
EPS forecast quarter to end-April due to
for 2022 markdowns from slower growth;
Pivoted focus to delivery,
ecommerce due to lockdowns
Under Armour AsiaPac Store closures and restricted
Inc sales fell hours caused "significant
14% in March reductions in retail
quarter; traffic";Lockdowns hit
issues weak transportation, affecting ability
2022 profit "to get product to the right place
forecast at the right time within
China"Expects emergent COVID
impacts in China to lessen as the
year progresses
Tapestry Inc Sees 35% By end-March, 40% of mainland
revenue China stores closed or operating
decline in at reduced hours and Shanghai
Greater distribution center shut
China in Q4 downLockdowns in Greater China
assuming having "greater impact than
Shanghai previously anticipated" -
lockdowns CFODespite restrictions, "purchase
lifted in intent" for handbags remains
June; 25-35 "high"
cent EPS hit
to 2022
outlook
JD.com Sees weak "In April, the order cancellation
demand on rate was significantly higher than
big-ticket last year due to logistical
products. disruptions" - CEO
Customer "Consumers are facing loss in
spending per income and confidence, and overall
transaction consumption is sluggish" - CEO
falls in
April and
May
Coty Inc Raises FY Travel retail business in Hainan
forecast for is compensating for net revenue
year losses incurred due to mainland
China lockdowns in Q3 ended
MarchExpects to have "very"
limited recovery in China in Q4
Yum China Q1 operating "This latest outbreak and the
profit challenges we face are
decreased unprecedented" - statement
44%; In March and April same-store
net income sales declined by more than 20%
decreased year on year
57%
Tencent Ad sales COVID-19 lockdowns have hurt
Holdings slumped 18%, advertiser sentiment - Chief
COVID Strategy Officer
impacts how The COVID-19 lockdown in Shanghai
quickly ad significantly hampered
income will multinational corporations'
start to advertising budgets
recover
Foxconn April COVID-19 controls in China only
revenue down had limited impact on production
4.1% month but demand suffered
on month, or "There are many uncertainties in
down 2.8% the market at the moment" -
year on year chairman
(Reporting by Tiyashi Datta and Chavi Mehta in Bengaluru, Siddharth Cavale in New York and Sophie Yu in Beijing; Editing by Sriraj Kalluvila and Maju Samuel)