Apple is moving its annual developer conference, the World Wide Developers Conference (WWDC), to an online format owing to the continuing coronavirus crisis.
The event, which is typically held in June in the Bay Area, draws thousands of developers, press and analysts from all over the world to demo new software and occasionally new hardware from Apple. Apple said in a press release on Friday that this year, it will "take on an entirely new online format" and that more details will be shared in the weeks ahead.
Apple (AAPL) - Get Report shares rose 3.70% on Friday to $257.41 as broader stock indexes recouped some of their losses from Thursday. The Dow Jones was up 378.31 points as of mid-day as investors await further developments surrounding a potential economic stimulus package tied to the virus.
Although Apple didn't mention coronavirus specifically in the release, it did reference the "current health situation" and the decision follows the cancellation of numerous in-person tech events throughout the winter and spring. U.S. coronavirus cases are expected to sharply increase in the near term.
Apple also said it will commit $1 million to local San Jose organizations, where the event was to be hold, "to offset associated revenue loss as a result of WWDC 2020’s new online format."