"The devaluation of the currency reduces the global purchasing power of Chinese consumers," said Patrick Chovanec, Chief Strategist, Silvercrest Asset Management. "It makes those products more expensive for them so it could have a hit to Apple's sales."
An iPhone 6 in China isn't cheap, with a price tag of 5,288 yuan, or about $827. While Apple brought in a staggering $13.2 billion from China last quarter, representing a 112% year-over-year increase, the toll from the weaker yuan could extend beyond Apple's top line.
"Apple's earnings in China are worth less in dollar terms," Chovanec added.
While analysts say the devaluation won't keep Chinese consumers from spending on items already denominated in yuan, it could affect outbound tourism.
"It just means the Chinese have less to spend globally," Chovanec said.
And the volatility in China's currency market is set to continue, strategists say.
"China's decision to devalue the yuan appears to be more of a regime shift than a one-off adjustment," wrote BNP Paribas economists Dominic Bryant and Luigi Speranza in a Wednesday note. "The downward move in the yuan has further to run, in our view."
While TheStreet's Jim Cramer says companies selling directly into China, like Apple, are seeing shares prices drop, it won't be until Thursday afternoon - some 3 days after the yuan's initial devaluation - where we'll truly see which companies are affected.
"You've got to respect the impact of worry about systemic risk coming from China," Cramer said. "People are thinking, maybe China is falling apart. They're not falling apart. They're not doing very well. Wait until everything goes down and then pick among your U.S. rubble stocks that are totally not impacted, like Bristol-Meyers Squibb (BMY - Get Report)."
Just 4% of Bristol-Meyers Squibb's revenue came from China in 2014, according to its annual report.
Meanwhile, shares of Apple fell Wednesday, but gave up most of their losses as the trading session progressed. The stock is down over 5% since news of the yuan's devaluation broke on Tuesday.