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While the coronavirus fears are spreading in the U.S., many tech giants are under their influence as well. MSFT stock lost over 2% yesterday and continues falling in the premarket.
Microsoft Corporation (NASDAQ: MSFT) reported that two of its employees in Washington state have been infected with the coronavirus.
Meanwhile, Microsoft stock yesterday lost 2.51% and fell to the level of $166.27. The current market cap of the company is 1.26 trillion. In the premarket, MSFT continues falling while the coronavirus fears are spreading. It has already lost 1.67% more. The MSFT stock price is $163.50 at the time of writing.
They are among the more than 98,000 COVID-19 infected cases around the world, according to the World Health Organization.
Both employees are located in Puget Sound, the area that includes Microsoft’s Redmond headquarters. One is an employee of Microsoft subsidiary LinkedIn who works remotely.
The LinkedIn spokesperson noted:
“Local health experts have determined that this individual had no known contact with other employees while infected and, based on that fact, there is no risk to those who work at LinkedIn from this case. We are doing everything we can to support our colleague and will continue to keep the health and safety of our employees, customers and partners as our top priority, working closely with public health officials globally.”
The company instructed its workers from that area to work from home if they can over the next few weeks. The company also limited employee travel.
Most Tech Companies Instructing Workers to Work From Home
Microsoft isn’t alone. The same day, Amazon.com Inc (NASDAQ: AMZN) announced yesterday that one employee who works in one of its Seattle, Washington, offices has been tested positive for the coronavirus. On Sunday, Amazon confirmed that its two employees in Milan, Italy, have contracted the coronavirus and are under quarantine.
The thing is, numerous tech companies have asked their Seattle-based employees to work from home to help prevent the spread of the virus.
As the outbreak continues to spread in the U.S., including in California and New York, the situation has worsened in Washington where the virus was first discovered Stateside. The state now has at least 70 confirmed cases and 10 deaths.
Google (NASDAQ: GOOGL) also instructed its employees in Washington state who have the ability to work remotely to do so. It also forbids employees to bring visitors to its Washington-based offices.
All Big Gatherings Canceled Due to Coronavirus
Be it as it may, it is expected that companies with more thousands of employees will eventually have few of them catching the virus that is spreading around the globe at a fast pace. The problem is, how this will impact the tech industry as a whole. As per the latest information, most of the big fairs, conventions and gatherings of all kind are being canceled. Companies are changing their quarterly guidance because most of them have been importing parts for their products from China, where the epidemic has started.
Microsoft warned its investors already that revenue in the business segment that includes its Windows operating system and Surface devices would likely miss earlier forecasts. And it is clear that such news amid coronavirus may have impact on the MSFT stock price.
Big events such as Mobile World Congress in Barcelona, Facebook‘s March marketing summit and its F8 developer conference, the Geneva Motor Show, the annual Adobe Summit in Las Vegas, Google I/O had been canceled.
Also, the annual Game Developers Conference, which originally had to take place March 16 to 20 in San Francisco, has been postponed to an unspecified date after exhibitors such as Amazon, Microsoft, Epic Games, Sony Corp (TYO: 6758), Electronic Arts Inc (NASDAQ: EA) and Facebook Inc (NASDAQ: FB) dropped out.
So far, 14 deaths in the United States have been linked to the virus, all but one in the Seattle area. There are more than 230 confirmed cases across the country. Around the world, there were more than 98,000 cases and more than 3,300 deaths. A global database maintained by Johns Hopkins counts more than 53,600 recoveries from the virus.