What just happened? Analysts have already predicted that the novel coronavirus would see iPhone shipments fall, but the disruption could be worse than first anticipated. In Apple's latest investor report, the company has warned that it doesn't expect to meet its previously announced quarterly revenue guidance because of the outbreak.

Renowned Apple analysts Ming-Chi Kuo earlier this month slashed his first-quarter iPhone shipment forecast by 10 percent due to disruption caused by the coronavirus outbreak in China, where most of the company's products are manufactured. And while Apple says work has resumed in the country, it's "experiencing a slower return to normal conditions" than expected.

"The health and well-being of every person who helps make these products possible is our paramount priority, and we are working in close consultation with our suppliers and public health experts as this ramp continues. These iPhone supply shortages will temporarily affect revenues worldwide," said the company.

In addition to supply shortages, the coronavirus is also causing demand for its products to dwindle in China. It's seen many Apple stores in the country closed or operating at reduced hours with low customer traffic.

Apple says the coronavirus situation is "evolving." The company is also doubling its previously announced donation to aid efforts in trying to control the spread of the outbreak.

The coronavirus has had a huge effect on the tech industry, with China's smartphone shipments expected to fall 50 percent. It's also seen MWC canceled, delayed products, and lower predicted earnings for many companies.