It appears that the coronavirus may be affecting Apple's bottom line.

AppleInsider has seen a new memo written by respected Apple analyst Ming-Chi Kuo. Kuo's memo predicts that iPhone shipments will decline 10% in the first quarter of 2020, from 36 million to 40 million units. For reference, sales for the same period last year were 38 million units.

Kuo was reluctant to say how he expects shipments in the second quarter or how the virus will affect Apple's earnings or stock price, saying it is best not to jump to conclusions about further impact until the outbreak has stabilized.

Last week, Apple CEO Tim Cook said that the company is working on mitigation measures and has broadly revised its second-quarter revenue forecast from $63 billion to $67 billion, although the company relies on suppliers in Wuhan, which was most affected by the coronavirus outbreak.

In addition, Apple's iPhone manufacturing partner Foxconn is enhancing health monitoring at its facility in Zhengzhou, Wuhan, and still intends to meet its targets.

Another analyst, Patrick Moorhead, also predicted trouble in Apple's supply chain as a result of the coronavirus.

To date, the coronavirus has infected nearly 18,000 people and killed 362. Stay up-to-date on the Coronavirus News and Updates page.