Cochlear had more than $2 billion wiped from its market value on Monday after scrapping its full-year earnings forecast because of the downturn set off by the rapid spread of the coronavirus in Europe and the US.
The Sydney-based hearing implant maker cited delayed surgeries and lower sales as it led a wave of earnings guidance withdrawals and negative surprises which snared advertising business oOh!media, travel software company Serko and wealth manager Challenger.
Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
Max Mason covers insolvency, courts, financial crime, cybercrime and corporate wrongdoing. A Walkley Award winner, Max’s journalism has also received awards from the National Press Club of Australia, the Kennedy Awards and Citibank. Message Max on Signal https://tinyurl.com/MaxMason Connect with Max on Twitter. Email Max at max.mason@afr.com
