ABB expects revenue decline due to COVID-19

Monday, 30. March 2020 07:52

ABB Group warned on Monday it expected its revenue in the first fiscal quarter to drop because of the ongoing coronavirus pandemic and withdrew its financial guidance for 2020 due to uncertainty.

"Although it is not yet possible to determine the exact impact of COVID-19 on ABB’s first quarter results, ABB expects revenues to decline in all its businesses relative to a year ago, while orders are somewhat less impacted," the company said in the press release.

ABB said it was "accelerating and extending" measures to mitigate the effects of the outbreak, with a focus on "adjusting capacity" to meet reduced demand.

Related Links: ABB Ltd.
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Breaking the News / MD