VMware withdrew its fiscal 2021 first-quarter and full-year guidance citing concerns that the global coronavirus pandemic may hurt its business. The news sent VMware shares down more than 8% by Friday morning.

In its annual 10-K report filed on Thursday with the U.S. Securities and Exchange Commission (SEC), VMware said COVID-19 posed a risk to its business. “We are unable to predict the extent to which the global COVID-19 pandemic may adversely impact our business operations, financial performance, results of operations, and stock price,” the report said.

The virus, and efforts to control its spread, threaten to slow product demand, disrupt its hardware supply chain, and restrict its sales operations, marketing, and product development efforts and activities. “For example, in response to the COVID-19 pandemic, certain industry events that we sponsor or at which we present and certain customer events have been canceled, postponed, or moved to virtual-only experiences; we are encouraging all of our employees to work remotely; and we may deem it advisable to similarly alter, postpone or cancel entirely additional customer, employee or industry events in the future,” the report said.

Additionally, concerns about the economic impact of COVID-19 have led to an extremely volatile stock market, which may hurt VMware’s shares.

In a separate filing with the SEC, VMware pulled its Q1 and fiscal year 2021 guidance. “As described in the risk factors contained in VMware’s annual report on Form 10-K filed on March 26, 2020, VMware is unable to predict the extent to which the global COVID-19 pandemic may adversely impact its business operations, financial performance, and results of operations,” it said. “As a result of the increased level of uncertainty arising between the earnings announcement and the filing of the Form 10-K, VMware has determined that it is necessary to withdraw its previously issued financial guidance.”

VMware had initially said it expects fiscal 2021 revenues to grow at a modest 11.5%. It noted at that time that it expected an impact from the current coronavirus outbreak, with a particular impact in its Asia-Pacific business. “We’re monitoring the situation closely and have not included any further impact for Q1 or for the full year at this time,” noted VMware CFO Zane Rowe in a call with investors.

The company said it will provide more information during its first-quarter earnings call.

In a research note to investors, BMO Capital Markets’ Keith Bachman said VMware’s announcement isn’t surprising. “The world and demand have changed significantly since late February,” he wrote. “Moreover, we think companies subject to ‘big ticket’ purchases are more at risk, which includes VMW.”

However, he didn’t change BMO Capital’s estimates of price target for VMware stock.